Ensure Blog

7 Homeowners Insurance Policies You Must Have

163693183Don’t settle for a cut-rate homeowners insurance policy just to keep your upfront costs lower. When you choose your insurance provider based on price alone, you may be overlooking important coverage needs. These oversights could cost you a fortune in the long run. Don’t wait until disaster strikes to find out that you aren’t protected for specific items or incidences. As you shop around for a reputable homeowners insurance provider, look for the following ‘must have’ policy items:

1.    Guaranteed Replacement Cost

Be sure that your policy coverage includes an accurate and guaranteed replacement value for your home. Also, know what features contribute to the actual replacement value covered by your policy, including square footage, number of bathrooms, quality of fixtures and upgrades or improvements that you’ve made.

2.   Flood Insurance

Most policies don’t automatically include flood insurance. However, the increasing frequency and severity of storms and flooding nationwide demonstrates the need for readiness. Make sure you’re prepared in the event of this potentially devastating natural force by asking your Passarell Insurance Architect about flood coverage for your region.

3.   Sewer Back Up

You don’t have to live in a coastal area to suffer the consequences of major water damage. But not all policies provide you coverage in the event that a sewer back up causes flooding and damage to your home. Make sure that this coverage is included in your policy.

4.   Identity Theft

Identity theft is increasingly common and has the potential to profoundly disrupt your financial and personal life. Find out if your homeowners insurance provider includes coverage for losses due to credit card fraud or other forms of identity theft.

5.   Jewelry Coverage

Many insurance policies require separate, itemized coverage for specialty items such as expensive jewelry. Be sure that your valuables are protected by sufficient coverage. You don’t want to find out that your precious items aren’t protected on the day they are lost or stolen.

6.   Open Perils

An open perils or comprehensive policy is highly preferable to other, more restrictive forms of coverage. Many policies just cover ‘named perils on contents,’ meaning that your home and belongings have protection against only a specific list of possible calamities. This means that if your ‘named perils’ don’t include ice damming, for instance, no losses are covered in the event of these occurrences. When speaking to your Passarell Insurance Architect ask about an ‘open perils’ home insurance policy that assures the broadest coverage for most items and emergency situations.

7.   Combined Coverage

Find out if it’s possible to receive protection for your home insurance and auto insurance through the same carrier. This allows your Insurance Architect to provide you with a home insurance estimate that offers the most competitive option.

To inquire about these ‘must-have’ policy items or to request a homeowners insurance estimate, call 443-783-5752 or contact a homeowners Insurance Architect at Passarell Insurance. 

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