Having homeowner’s insurance is an important part of owning a home. Whether you own your home outright or you have a mortgage, having coverage in case of an accident is a wise decision. But not all homeowners insurance is created equal, and not all policies cover everything you may need.
Most homeowner’s insurance policies do not cover certain things, so it is important to understand what your basic policy covers and what you may need additional coverage for. Let’s look at some things your policy may not be covering.
You may be surprised to find that many valuable collectibles are not covered by regular insurance policies. If your home is destroyed in a fire, for example, your collectible possessions that burn in the fire, such as stamp and coin collections, won’t be covered in your policy. In addition to small collections, things like musical instruments and guns are also often not covered.
To ensure these types of items are protected in the event of disaster or burglary, you may consider taking out endorsements on your collections. To do this, you’ll need to make a detailed list of all your collectible items with their values and have them added to your coverage.
It may seem like common sense that your homeowner’s policy would cover the electronics in your home, being that they are probably some of the most expensive items you own, but that is probably not the case. Most policies do not cover electronics beyond $1,000 worth of coverage (if they cover anything at all). With the rising prices of electronics, $1,000 is not nearly enough, considering this would include TVs, computers, mobile devices, etc.
In addition to collectibles and electronics not being covered in a basic policy, many luxury items are often not covered. These luxury items include things like jewelry, fur coats, and fine artwork. Should your home be damaged and these items destroyed along with it, you could be out a considerable amount of money to replace them. By adding coverage for these items you can help mitigate that loss in the event of a fire, flood, or burglary.
Your Best Resource for Help with Homeowner’s Insurance
Having insurance coverage for your home is always a wise decision, but if you have valuables in your home they may not be covered by your basic policy. To discuss your options for getting the coverage you need, call us at Freedom Insurance today! We offer home and life insurance in Maryland and we’d love to help you get the coverage you need.