Every homeowner needs to have homeowner insurance coverage to protect his house from loss or damage. Homeowner’s insurance includes personal property coverage, personal liability coverage, other structure coverage, dwelling coverage, and many others. Some situations may lead a homeowner to get extra home insurance coverage when it is not available in the standard homeowner policy. Below is a list of four conditions where you may need additional home insurance coverage.
Extreme Weather Conditions
A home located in extreme weather conditions such as floods and hurricanes requires the homeowner to have extra insurance for coverage. A homeowner can get a Fair insurance plan, which is different from the standard insurance coverage since the risks abstained are out of control. The insurance plan is more expensive and varies from one state to another. Consult the insurance department in your country for more details.
Acts of War
When living in an environment where acts of War are dominant, your home is at high risk, which the standard home insurance may not cover. These acts include military Coups, revolutions, invasions, and terrorism. Many insurance companies do not offer war risk insurance due to their inability to accurately predict damage and charge the right premiums. The war insurance is purchased by a homeowner as a separate or additional coverage to the standard policy to cover the property’s loss or damage.
An earthquake can cause havoc to your home structure, collapsing walls, and foundations. A standard homeowner policy will only cover for losses following a shock but not your property. If you live near a fault line or countries prone to an earthquake, you need an earthquake insurance policy. To understand the real cost of your home, consider the cost of earthquake insurance in your state.
Guests and Visitors
It would be best to have a specified policy for personal property coverage for your guests and visitors. The homeowner coverage protects a named spouse, the insured, relatives, and dependents living in the home. When your in-law or tenant apartment is within your home, you need a renter’s policy and your homeowner policy for them to be covered.
Before closing on a home, it’s essential to buy an insurance policy to know the cost and whether the house requires extra insurance. When looking for an insurance company, consider one that offers exclusive coverage for specific situations.