3 Additional Coverage Options to Add to Your Homeowners Insurance Policy

Homeowners’ insurance can be an excellent way to protect your family and home. But remember that homeowners insurance is not a one-size-fits-all. Insurance companies offer other additional coverage options you may want to add to your policy to guarantee total protection.



This post highlights three additional coverage options that can help you achieve that goal.

1. Home-Based Business Insurance

You probably work hard on your home-based business. And as your source of livelihood, you'd want to protect your business with insurance. A home-based business cover can help you do just that.

For starters, this coverage can protect your business equipment, stock, and assets. If something goes wrong, such as a fire or break-in, you might spend more out of pocket if you don't have the right cover in place. 

A home-based business coverage can also protect you if you have clients or customers who often visit your home as part of your business. If they have an accident on your property, you might be liable for any medical expenses. This coverage can give you peace of mind if you have protection against this potential financial risk. 

But make sure you talk to your homeowners' insurance agent before you add this coverage to your policy. Some home insurance policies might limit how much coverage they provide for home-based businesses. So, you need to understand what your policy covers and whether you need to purchase additional insurance.

2. Flood Insurance

Most standard homeowners’ insurance policies don't cover flood damage. So, if your home suffers damage from a flood, you may have to pay the bill yourself.

Flood insurance can protect your home and belongings against this type of damage. However, the repair and rebuilding costs aren't the only things that should concern you. If your home is flooded, you may also need to find alternative accommodation while the repairs happen. Flood insurance can help cover the cost of temporary housing in addition to the repair and rebuilding costs.

If you have concerns about the cost of flood insurance, talk to your homeowners' insurance agent. They may offer discounts if you live in a low-risk area. This way, you can get the cover you need without breaking the bank.

And remember, even if you don't live in a high-risk area, flood insurance can still be a lifesaver. Floods can happen almost anywhere and at any time. You might be in for a nasty surprise if you don't have the right cover in place after a flood.

Don't wait until you're too late. Talk to your homeowners' insurance agent before you add flood insurance to your policy for complete protection.

3. Personal Property Replacement Coverage

Your homeowners' insurance policy will usually cover the rebuilding costs if your home suffers damage from an insured event, like a fire. But what about your belongings?

Generally, homeowners’ insurance policies have limits on the amount they'll pay out for personal property, such as furniture, clothing, and electrical appliances. If you have expensive belongings, you can take out personal property replacement coverage. This coverage can help replace your belongings if they're lost or destroyed in an insured event.

To make sure you have the right amount of coverage, you should first do a home inventory. The inventory is a list of all your belongings and their value. This way, you can work out how much personal property coverage you need to guarantee full protection. Your homeowners' insurance agent can also help you choose the right amount of coverage if you're not sure what to include.

Adding an extra cover to your homeowners' insurance policy is always a wise move. You have the assurance that your home and belongings will have protection no matter what happens. Talk to us at Clover Insurance today to understand what coverage options are right for you.