Insurance is a must-have for all homeowners.Because accidents happen. Think: slip, falls, and fires. And a homeowners insurance policy can cover them so you don’t have to take on the liability for things out of your control.But it doesn’t cover everything.
(PS: To make sure you’re getting the right policy, you’ll need to know the lingo.)
A few examples:
If your side hustle is picking up, it might be time to add a new policy to cover those costs. Think: legal fees for biz-related accidents. Because homeowners insurance policies offer limited coverage for at-home businesses. And they don’t usually cover businesses run from a separate structure on your property.
If you own expensive artwork, antiques, or jewelry, be sure to ask your agent if those items would be covered in case of fire or theft.Chances are you’ll need to purchase a policy add-on for each pricey possession.
This part gets a little complicated. Homeowners insurance policies usually cover personal items on your property. Even if they’re in your car, as long as it’s parked on your property. But the car itself is not covered. Hello, auto insurance.
Slips, falls, and theft, to name a few things. And…
They’re a nightmare and a common cause for home damages. Your policy will likely cover the repairs, your hotel stay, food costs, and any other living expenses.
Homeowners insurance policies typically cover damage caused by natural disasters like thunderstorms, hurricanes, or hail. Along with any living costs you need if you get displaced. But earthquakes and flooding caused by natural disasters probably require extra coverage.
Homeowners insurance policies get it if vandals get you. But policies usually have a cap for how much they’ll pay, so be sure to ask about it.
Experts say one of the most common mistakes homeowners make is choosing a low-price policy, only to find out it doesn’t provide enough coverage. If you live in a flood zone, don’t skip the add-ons. Or a good flood insurance policy. Depending on your location, some states require flood insurance, especially if you’re in a flood zone.
Compare policies in your area to find the best deal with the right coverage for you.
No homeowner can afford to skip over homeowners insurance. But before making your selection, read the fine print to make sure all your bases are covered.
Skimm'd by Dae Cason, Megan Beuachamp, Liz Knueven, Kamaron McNair, Stacy Rapacon, and Alicia Valenski