Many people own a home and have some package of insurance that covers their home. However, many times people don’t have the coverage they think they do. If you’re unsure of what all you home insurance covers, talk to your Hibbs agent.
Here are some unexpected scenarios you wish you would’ve had the right coverage for.
1. Updating your home.
Whenever purchasing home insurance there are many things to take into consideration. Often, you will want enough home insurance to completely rebuild your home in the case of its destruction. Talk to your Hibbs agent about Ordinance or Law coverage. This will cover the rebuild of your house but also cover any unexpected additions you have to make due to the law. For example, if you have an older home, you may have had older electric systems in place. In many cities, there are laws that require new homes to have modern electrical systems. The Ordinance or Law coverage will cover any expenses necessary by law.
2. Hotel Coverage.
If your home is ever uninhabitable, many insurance packages will cover the costs of a hotel while your home in under construction. This coverage is called Loss of Use and covers the extra expenses you inherit when you must live somewhere other than your home for a period of time.
3. Equipment Malfunction.
Some home insurance policies have an Equipment Breakdown coverage. This covers the replacement or repair of a piece of equipment that breaks. This is an alternative to extended warranties many equipment and appliance stores offer.
4. Identity Fraud
Stolen identity is almost impossible to avoid. Unless you completely move off the map, your information is out there and is at risk of being taken. Under some home insurance policies Identity Recovery is offered to help clean up the mess after your identity has been stolen.
5. Personal Property Recovery
Homeowners insurance covers, to a certain limit, lost or stolen personal items. However, if you have high dollar items, such as artwork or an engagement ring, you may want to consider a Scheduled Personal Property add on to your home insurance. This will cover specific items if they are stolen or lost.