As a homeowner, having home insurance is a must. Without insurance, any damage done to your home will need to be paid for out of your pocket. You never know when damages can happen and how extensive they may be. It's important that you purchase insurance that will cover you for enough of what you need in case of total reconstruction of your home. However, basic home insurance won't be able to cover these four things:
- Earthquakes: Most basic home insurance policies will not cover earthquake damages. If you live in an area that is prone to suffering damage from earthquakes, you will want to purchase additional coverage. Most home insurance companies will have additional earthquake coverage that you can purchase for the further protection of your home.
- Floods: Floods are another natural disaster that won't be covered. Most home insurance policies will provide coverage if your home has been damaged from a broken pipe line that caused flooding. However, in the case of a severe flood, you won't be covered for the damage done. You also aren't likely to be covered if the flooding is caused by a water backup in the plumbing system. If you live in an area that is prone to floods, you will want to purchase additional coverage.
- Home Office: If you have a home business that you run out of an office in your home, then you can't expect coverage through your home insurance for the equipment in your office space. You also won't have liability coverage in the case that clients visit your home and are injured. You will have to pay for their medical expenses out of pocket. For these things, you will need to purchase home business insurance.
- Valuables: Home insurance will only provide coverage for valuables in your home so long as the price of these items do not exceed the personal property coverage limit. If this is the case, you will need separate insurance. Have your valuable items appraised to determine whether or not the total value is higher or lower than your personal property coverage limit. This will give you an idea as to how much separate insurance you will need if any at all.
By knowing what four things aren't covered by basic home insurance, you can determine what areas you will need to purchase additional coverage or insurance for. This will ensure that you are fully protected. For more information, contact companies like Hamlin Robert & Ridgeway Limited.