NOT ALL HOMEOWNERS POLICIES ARE CREATED EQUAL

As a homeowner, protecting your investment should always be a top priority. Homeowners insurance is a crucial component of that protection, but many homeowners don't realize that their standard policy may not cover all the risks they face. Fortunately, there are a variety of policy enhancements available that can help fill those gaps and provide additional protection for your home and belongings. In this article, we'll explore some of the most important policy enhancements you should consider, and why they're a good investment.

EXTENDED REPLACEMENT COST COVERAGE

One of the most important policy enhancements you can purchase is extended replacement cost coverage. This coverage provides additional coverage limits if your home is destroyed or damaged and the cost to rebuild or repair it has increased due to the current cost of construction materials and labor. With standard coverage, your policy may only cover the actual cash value of your home, which could leave you with a significant shortfall in the event of a disaster.

Extended replacement cost coverage typically adds an extra 25% to 50% of your policy limit, which can provide much-needed peace of mind and ensure that you can fully rebuild or repair your home in the event of a catastrophic loss.

SCHEDULED PERSONAL PROPERTY ENDORSEMENT

Your standard homeowners insurance policy likely covers your personal belongings, but it may have limits on how much it will pay out for certain types of items, such as jewelry, antiques, or collectibles. A scheduled personal property endorsement is an enhancement that adds additional coverage for these types of high-value items.

With a personal property endorsement, you can insure specific items for their full value, rather than relying on the standard policy limits. This can be especially important for items that have sentimental value or are difficult to replace. Keep in mind that you will need to provide your insurance company with a detailed inventory and appraisal of these items in order to purchase this endorsement.

WATER BACKUP AND SUMP PUMP OVERFLOW

‍Water damage is one of the most common causes of property damage claims for homeowners. Unfortunately, your standard policy may not cover all types of water damage, including water backup from sewers, drains, or sump pumps.Adding water backup and sump pump overflow coverage to your policy can provide important protection against these types of water damage. This coverage can help pay for the cost of repairing damage caused by water backup or sump pump overflow, including damage to your home's foundation, floors, walls, and personal property.

IDENTITY THEFT COVERAGE

‍Identity theft is a growing problem that can cause significant financial and emotional distress. If your identity is stolen, you may need to spend hundreds or even thousands of dollars to restore your credit, cover fraudulent charges, and deal with other related expenses.

Identity theft coverage is a policy enhancement that can help protect you from the financial consequences of identity theft. This coverage can help pay for expenses such as lost wages, legal fees, and credit monitoring services. Some policies also provide assistance with restoring your identity, such as working with credit bureaus and government agencies to correct fraudulent information.

FIND THE PACKAGE THAT IS RIGHT FOR YOU

Ask our IZC insurance experts about the optional coverages available with your home insurance carrier.

‍Not all policies are created equal and the policy enhancements available to your homeowners policy can protect you home and investment. Give us a call today at (404)-795-4807 or complete our free, no hassle online quote request below. We look forward to serving you!