Homeowners insurance is extremely important in order to protect yourself in the event of damage to your home or property. While homeowners insurance is often required when you finance a home, there are many types of optional coverage types that you should consider. Three types of coverage to consider are earthquake, rebuilding upgrade, and increased personal property coverage.
Earthquake coverage is quite important if you live in an area where there is a possibility of earthquakes. This type of coverage is a bit unique when it comes to homeowners insurance because it is one of the only natural disasters that are not included in a basic insurance policy. Hurricanes, wildfires, and tornadoes are all typically covered, but earthquake coverage is left out.
Earthquake coverage will pay to repair damages to your home in the event of an earthquake, while also paying for any personal property that is damaged or destroyed during the disaster. This coverage can even cover rebuilding your home if it is destroyed by an earthquake.
Rebuilding Upgrade Coverage
There are several types of optional insurance coverage that can help you pay for rebuilding your home. One option is building code upgrade coverage. This coverage will pay for any upgrades that will need to be made to your home while it is being rebuilt so that it complies with current building code and community requirements.
Another rebuilding coverage option to consider is green building coverage. This option will make it so that your insurance company will pay to utilize green materials when your home needs to be repaired or rebuilt.
Increased Personal Property Coverage
While all insurance policies will include basic personal property coverage that will pay to replace your stolen or destroyed items, you can choose coverage options that increase the covered limits. For example, you can choose to get additional insurance coverage for personal computers or cameras so that you can guarantee that you will receive enough money to replace the item with the exact same model.
Another type of personal property coverage that you can consider is one where depreciation is not taken into account when you are paid for the lost or stolen item. This is especially useful for electronics and other items that tend to depreciate quite quickly.
Speak to your insurance agent today in order to discuss the many insurance coverage options available to you. Earthquake coverage is a great choice in order to increase your coverage when it comes to natural disasters, while rebuilding upgrade coverage can pay to improve your home while it is being repaired or rebuilt. Contact Mid-Alliance Insurance Associates LLC for more information.