Do you have the right type of Tampa home insurance? Could your policy not be providing you with enough of the coverage you really need? That's the case in many situations. Add-on policies are those you can add to a basic homeowners policy to provide you with additional protection from the what if situations that could affect you.
Did you know that according to the Insurance Information Institute that six percent of all insured homes had a claim in 2010? 97 percent of those claims involved damage. In some of these cases, the use of add-on policies help to provide these individuals with the protection necessary. What should you have? Consider the following.
Extra Coverage for Valuables
In some situations, individuals will have highly valuable items in their home. For example, you may have a valuable painting, high-tech computer equipment, or items related to your hobbies that are expensive to replace. Do not expect a standard homeowners insurance policy to cover these things if they are not specifically added to your policy. Whether or not it raises your costs depends on many factors, including how much value these items add. If not specifically included, and these items are lost in a fire, you could lose the financial value.
In some areas, having flood insurance is a very important thing, but it may not be covered in your policy. Whether or not flood insurance is provided depends on the risk in your area. Most companies do not include flood insurance to those who are in flood zones because the risks are too high. You may be able to add on those types of coverages if you do not have it so your valuables remain protected even in the event of a flood.
Do you have a home business? Do you store your business equipment, supplies, inventory, or other items in your home? If a fire occurred, a flood happened, or someone broke in and stole that very expensive equipment you use to repair vehicles, would your business be able to financially manage the loss? Most homeowners insurance policies do not provide coverage for business equipment. You may need to add this on or get a separate policy to include it.
What Else to Consider
While you are doing this, also take the time to compare how much coverage you have. If your homeowners policy is not valued at the combined value of your home and any assets in your home, at the very least, you could be left out when an event happens. SmartMoney advises that individuals should have 100 percent coverage for rebuilding the home, since devastating incidents can leave you without the ability to rebuild your home. At the same time, consider any exclusions on your policy, which are items that the company specifically does not cover.
To find out if you need more homeowners insurance or a better policy, contact Adcock-Adcock Insurance Agency today at 813-933-6691.