A traditional homeowners insurance policy is designed to replace or repair your house and personal possessions if they are damaged or destroyed, pay for living expenses (if applicable) and provide liability coverage if someone is injured while on your property. However, many policies are full of loopholes that emerge when you least expect them to.
According to a recent article in MoneyWatch.com, “Most policies have separate limits, usually around $1,000, on how much they’ll reimburse you for certain individual items, such as jewelry, artwork, firearms, and electronics — even if the overall limit on your policy is much higher.”
To avoid this problem, speak with your insurance agent for a home insurance quote that includes the following changes: Make sure your policy covers the extra costs that may arise because of the area you live in, such as an earthquake or fire zone. In addition, make sure that you itemize your valuables. In order to boost your coverage for specific items, you can add a rider—a supplementary insurance policy that pays for a specific item’s loss without a deduction. Contact your insurance agent for more information. Many insurance companies offer free home insurance quotes online for faster service.