When you have a homeowner’s insurance policy, you may believe that everything under your roof is covered in the event of a fire, theft, or other issue. However, you may be surprised by the number of ‘natural’ disasters, or ‘Acts of God’ that are not covered under most homeowner’s insurance policies.
There are also specific items or things that you own that will generally not be covered or protected under the blanket coverage policy that you may have. Some of them are:
- Home business
- Certain personal property
- Future assets
Let’s take a closer look at each of these.
Even if you keep your boat on your property, or even in your garage, this is generally not going to be covered under your homeowner’s policy. If you take that boat out on the water and you have an accident, you won’t be covered by your homeowner’s insurance policy.
That would be like expecting to have your car covered by the same policy. They are completely different policies, so if you have a boat, make sure that you have separate boat insurance. These can be policies that you bundle with your homeowners policy to help save money.
When you have a home business, if there is a fire or other event that causes damage to office equipment, or causes you to lose time from work as a result, then this would most likely not be covered, unless you had specific provisions that covered a home business.
Certain personal property
Even though you have homeowners insurance, that doesn’t mean that every piece of jewelry and property is covered. Most homeowners insurance policies have a limit to how much they will pay out.
Talk to your broker to determine if you have enough coverage at the moment, or if you may need to increase the coverage amount on your policy.
As your assets grow, you should add on more insurance to protect those assets. Because you have enough coverage today doesn’t mean that you’re going to have enough coverage in the future, especially if you add assets, or they increase in value.
It’s best to consult with your insurance broker to ensure that the homeowners insurance policy that you have covering your home is ideal for your family and your future. If you have any questions, don’t hesitate to call James Campbell Insurance today.