Homeowners Insurance Endorsements

By Compuquotes Team on March 27th, 2008
Homeowners Insurance

It's important for you as a homeowner, to stay properly protected based on your own individual insurance needs.

The basic homeowners insurance policy covers a wide variety of insurance protection, but it is no way complete. Depending on your area, you may decide that extra coverage is necessary. This added protection can be obtained through homeowners insurance endorsements.

Earthquake overage: It's said that no natural disaster can cause more damage to life and property than an earthquake. This may be why earthquake coverage is excluded from all homeowners insurance policies. Depending on where you live, it can cost a pretty penny to protect against earthquakes. For example, in California the earthquake coverage can be almost expensive as the homeowners insurance policy itself. This is because the chances of earthquakes are much higher there than in other parts of the USA.

Home Office Coverage - A basic homeowners insurance policy will general cover around $2,500 worth of office equipment. If you run you own business at home and you own equipment valued at much more, it may be a good idea to increase your coverage. In the event that something happened to your valuable home office equipment, you would be compensated for the loss.

Personal Articles Floater - Basic coverage for homeowners insurance policies will generally not fully cover valuables like jewels, antiques, and other prized possessions. If you have valuables like these in you home, have you homeowners insurance company identify then establish a value. This can easily be done with receipts or an appraisal. Always keep all your records in a safe, secure place. A safe deposit box at your local bank is ideal for this.

Increased Blanket Coverage - If the total value of all of your personal property is higher than what the basic homeowners insurance policy covers, you might want to increase blanket coverage. To find the total value of you property, have you insurance agent give you a personal property inventory sheet.

Buy Replacement Cost Insurance - If you suffer a loss to your personal property, the insurance company will pay you the value at the date of the loss. Oftentimes this value is less that the actual replacement cost. This is because depreciation is deducted from your total payment. If you want, you can pay for protection that will replace your lost property regardless of the actual worth on the date of the loss.

Building Code Coverage - A lot of older houses no longer properly meet updated building and safety legal codes. If this is the case with a home that is damaged the local building laws might require that the entire property be destroyed, then rebuilt to code. The problem lies within the amount you are covered for, it usually won't be enough for demolition and reconstruction. If you think this situation could apply to you, look into purchasing building code coverage that will cover the costs of the demolition and rebuilding of your home.

As you can see there's more than meets the eye when it comes to homeowners insurance. For you as a consumer, it's important to analyze you location and judge what endorsements you might need. Keeping your home and possessions safe in times of disaster is difficult at best, but homeowners insurance policy endorsements will give you the right protection you need, when you need it.

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