If your homeowner’s policy doesn’t provide enough coverage, even a tiny damage-causing incident could leave you with a hefty repair bill. Certain coverage options could provide peace of mind and save you money in the long run.
P3 Insurance Solutions in Memphis, Tennessee, can help evaluate your homeowner’s insurance to verify that you have appropriate coverage. Contact us today to learn more about how to tailor your homeowner’s insurance coverage to meet your needs.
Many Homeowners Are Underinsured
Your home is one of the most significant purchases you’ll make in a lifetime, yet many otherwise financially savvy homeowners remain underinsured. There are four main types of insurance that many homeowners don’t realize they need.
1. Flood Insurance
A survey by the Insurance Information Institute shows that nearly half of homeowners believe their insurance policy covers flood damage. This myth becomes problematic when homeowners try to make a claim and find out that they must pay for 100% of the damage out of pocket.
Your homeowner’s policy may cover water damage from an appliance leak or burst pipes, but flooding is not included in a typical home insurance policy. Only a separate flood insurance policy covers damage from flooding.
2. Valuable Articles Coverage
Homeowners with expensive collections of wine or fine art or who own high-value jewelry may not have enough coverage under a standard homeowner’s policy. In case of a loss, the limits of a homeowner’s policy may mean a homeowner won’t get reimbursed for valuable items without separate coverage.
3. Cyber Insurance
Personal cyber insurance can help provide financial protection if a hacker accesses your sensitive personal information. It could cover various losses, including those resulting from harassment, hacking, theft and cyber stalking. The coverage can help you access crucial administrative resources to help limit and repair the damage.
4. Umbrella Insurance
An umbrella policy extends the limits of your other liability insurance to help protect your personal financial resources. It kicks in if a liability claim exceeds the limits of your auto or home liability coverage. Some policies also include defense cost coverage to help with lawsuit costs.
Contact Us to Tailor Your Home Insurance Coverage
Your home insurance coverage provides essential financial protection if a third party makes a liability claim, your home is damaged in a covered event or your personal possessions are lost or damaged. Contact P3 Insurance Solutions today to get help tailoring your homeowner’s insurance policy to provide coverage that’s right for your situation.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.