Homeowners insurance is a type of insurance policy that provides coverage for your home and personal property against various risks, such as theft, fire, and weather-related damage. However, you should know that homeowners insurance is not a simple catch-all policy. Just because you have insurance for your home, you still may not be fully protected. Additional coverage for specific risks or events may be required. Specialized insurance coverage can be referred to as a separate insurance policy, an endorsement, or a rider to an existing policy.
For example, a family had been living in their home for roughly five years (built in 2003) and recently noticed watermarks on the ceiling. A professional plumber inspected the area and repaired what he felt the issue was in the upstairs bathroom. After a week-long vacation, they came home to a disaster, with a hole in the ceiling and surrounding water damage. An insurance adjuster claimed that it was a result of a “slow leak.” In this case, mold developed in the insulation and damage to drywall, flooring, and cabinets. Although the homeowners did not let the issue linger, had professional work done, and the accident was unexpected, the damage was still not covered by insurance. Based on their written policy, this occurrence falls under a specialized insurance coverage called an accidental policy.
Accidental coverage is a type of insurance that protects you from unexpected damages or losses resulting from accidents. Accidents can happen anywhere, anytime, and to anyone, which is why this type of coverage is so important. Most insurance policies offer some form of accidental coverage. However, the scope and limitations of this coverage can vary from one policy to another. That’s why it’s important to review your policy carefully and understand what it covers and what it doesn’t.
There are several other specialized insurance coverage policies that you may consider depending on your specific needs and risks. Here are a few examples:
- Condo Insurance: If you own a condominium, you may need specialized insurance coverage that protects your personal property and liability, as well as any common areas of the building that you share with other residents.
- Renters Insurance: If you rent a home or apartment, you may need a specialized insurance policy that covers your personal property and liability, including any damages you may cause to the rental property. Some rental contracts even state that a minimum dollar amount of liability coverage must be carried as a requirement to rent the property.
- High-Value Home Insurance: Owning a luxury home may involve getting a specialized insurance policy that offers higher coverage limits for your property, belongings, and additional liability coverage.
- Vacation Home Insurance: When owning a vacation home, you will most likely will need a specialized insurance policy that provides coverage for your property and belongings, plus any liability risks associated with renting out the property to guests.
- Mobile Home Insurance: If you own a mobile or manufactured home, you may need specialized insurance coverage that safeguards your personal property, liability, and any damages to the home or property.
- Landlord Insurance: If you own rental property, you may need specialized insurance coverage that protects your property and liability risks as a landlord, along with any loss of rental income due to damages or other covered events.
- Flood Insurance: most standard homeowner’s insurance policies do not cover damages resulting from floods. If you live in an area prone to flooding, you may need a separate flood insurance policy.
It’s important to review your homeowners insurance policy and speak with your insurance provider to determine what types of coverage are included and what additional options may be available to you.
We highly recommend our in-house affiliate insurance company, HomeRock Insurance. They work directly with insurance carriers offering affordable rates directly from the source. We Insure Pros professional and knowledgeable insurance agent(s) can help review policies and clarify coverage for any questions you may have. They also offer other types of coverage such as business, auto, boat, RV, motorcycle, and golf cart insurance.
