Here are 7 types of insurance you need to get for your house to ensure you have enough financial coverage.
1) Home business insurance
If you run a business out of your house, you should get a home business insurance policy. This insurance covers your business inventory getting damaged due to a fire or any such disaster, an individual visiting the home business getting injured, or the business being temporarily shut down due to your house being damaged. You can also get liability insurance if there are employees who work at your house.
2) Flood insurance
As standard insurance policies don’t provide coverage for flooding, consider getting flood insurance to cover the damages caused due to heavy rain flooding your basement. The National Flood Insurance Program offers residential flood insurance, which provides maximum protection of $250,000 for the house’s structure, and $100,000 for the house’s contents.
3) Additional coverage for valuable items
Standard homeowners insurance policies don’t provide the full replacement value for the jewelry, fur, art, or collectibles in your house. Consider buying additional insurance to protect yourself if these items are stolen or damaged.
4) Earthquake coverage
As per estimates, 42 states are at high risk of facing earthquakes. Protect yourself against them by getting earthquake insurance. Moreover, these policies have high deductibles.
5) Sewer and water line protection
If the pipes underneath your house get damaged or clogged, you have to pay for their costly repairs. Repairing them means contractors will dig through the ground, due to which you may also have to hire landscapers to mend your front yard.
Purchasing a sewer and water line protection plan can save you against such expenses. These plans are not expensive either—$5 or so per month.
6) Umbrella insurance
This insurance protects you from financial dangers beyond the scope of your car, homeowners, or boat insurance. Umbrella insurance provides coverage for property damage, bodily injuries, and lawsuits like mental anguish, false arrest, libel, slander, or malicious prosecution. However, it doesn’t cover damages caused by you to your property, contract violations, or business violations.
7) Sewage backup
Sewage covering your basement’s floor is both messy and unhealthy. As standard homeowners policies don’t cover sewage backups and cleaning costs, get yourself additional coverage to cover these expenses. It costs approximately $50 per year.
Get these insurances to stay protected.