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Homeowners Insurance is Not Everything

Homeowners insurance is necessary when owning a home and is actually mandatory if there is a mortgage on the home. Sometimes it is essential to have other types of insurance in addition because homeowners insurance is not everything. While it does cover many things, more and more events and mishaps are being eliminated from homeowners insurance coverage. Many personal items that are owned must also be insured under a separate umbrella policy or insurance rider. Everyone needs to take a look at what they have and what has the potential to cost a lot of money to fix or replace if not insured. Below are some additional insurances that may be needed to provide a sense of security knowing that you are covered.

-Flood insurance is necessary if your home is located in a flood zone, although many people are now purchasing flood insurance even if not in a flood zone. In the event of a flood, regular homeowners insurance may not provide coverage.

-Hurricane insurance is necessary especially for those living in hurricane prone areas. Again, regular homeowners insurance will not cover damage from a hurricane. This type of insurance usually has a higher deductible than regular homeowners insurance and may also be the most expensive part of the policy.

-Additional appliance insurance is sometimes carried by homeowners. Items such as central air conditioning and heating are big ticket items to replace. Obtaining an extended warranty or appliance insurance will provide a sense of security knowing that you are covered. Extended warranties usually cover parts and labor for the entire warranty period of the item. Most of these additional coverages cost approximately less than $100 per year as compared to the out of pocket expenses that can be incurred in case the item stops working.

-Pet insurance is available for those who have pets. Illnesses and accidents to pets can be sudden and become a costly endeavour without insurance. If you have little savings, it may be a good idea to get pet insurance which is usually paid on a month to month basis.

It is a good idea to sit and figure out the types of insurance that you would like to have, the type that is mandatory or necessary and, finally, the types you can afford.

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