Why you might need supplemental insurance coverage
plaguy Homeowner’s insurance is pretty great. A tree branch falls and damages your roof? You’re covered. A visitor gets injured in your home? You’re covered. A disastrous dinner results in some fire damage? Yup, you’ll be covered for that too. But, like anything else, homeowner’s insurance has its limitations.
It’s a good idea to review all of your insurance policies regularly, at least once a year. This allows you to make any upgrades or alterations based on any life changes that may have occurred recently. An annual review also lets you get a good reminder of exactly what’s covered. And when you read the fine print, you may discover that it’s time to bump up your coverage, especially if any of these scenarios apply to you:
You have valuable items
Your homeowner’s insurance policy does cover valuable items, but only up to a certain amount. Depending on your policy, this may just be a couple of thousand dollars. Jewelry is one of the most common possessions people have that may need extra coverage. If the only jewelry you and your spouse own never leaves your fingers, you’re probably fine as is. But if you have other things you keep in your home, you should think about getting them appraised and then buy a supplemental policy.
And while jewelry may be the most obvious, it isn’t the only thing that could need extra coverage. Think about the items you’ve spent the most money on; while a single piece may not have been too expensive, together they may add up to high costs. This could include computer and sports equipment, silverware, and art or antiques. Extra insurance can keep you covered in the even of theft or damage.
You have a dog considered high risk
Every year, thousands of people are bitten by dogs, and many have to go to a hospital as a result. Most homeowner’s insurance policies do cover dog bites, but they often vary based on the breed of the dog. If you have a dog considered high risk for biting – including a pit bull or Doberman – your insurance may not cover it. If it does, it will only be up to a certain monetary amount. Because dog bites can result in thousands of dollars in medical bills, many owners decide a supplemental policy is the best option.
Your home could be affected by flooding
Unlike the two areas above, a basic homeowner’s policy does not cover flooding. Unfortunately, many people find this out too late. If your home is not in a flood zone, you weren’t required to buy flood insurance. However, as Hurricane Irma proved, often that doesn’t matter. According to FEMA, over 20 percent of flood claims come from homeowners who have property outside of high-risk flood zones.
Here’s another stat that will make you see the importance of supplemental flood insurance: The average claim is about $50,000. A policy covers damage to everything inside your house, including electronics, furniture, appliances, and even spoiled food. With hurricane season starting again in just a few short months, it could be time to consider flood insurance.
Not sure if you need extra insurance? Contact Avante
It’s often a bit of a challenge figuring out first if you need supplemental insurance and then finding the right policies. If you’re a little confused, get in touch with Avante Insurance. Tell us about your home and what you’ve got in it, and we will offer our expert guidance. You can call us at 305-648-7070 or send us a message through our online form.