If you have special needs where your property is concerned, a standard
homeowner's policy may not fit the bill. There are a number of ways that
your coverage can be expanded to ensure your peace of mind.
In
many cases, you can purchase additional coverage for your dwelling if you
feel that the policy's limits are too low. Also, replacement cost coverage
would allow you to insure the contents for full replacement value without a
deduction for depreciation, but the regular deductible and policy limits
still apply.
Homeowners that live in a high hazard area, or simply
don't want to risk the
financial ruin associated with a natural disaster, should consider
purchasing flood or earthquake insurance. Flood insurance is a special
policy available through a federal program, while earthquake coverage
requires a separate endorsement or policy. Both are designed to protect
homeowners from suffering a total loss, and usually have high
deductibles.
Individuals that operate a professional
office, studio, or private school
out of their home may obtain a special business endorsement. A personal
computer endorsement covers hardware or software used for personal or
business activities.
Another type of endorsement would raise
the limits protecting personal
property such as jewelry, silverware, or watches. For especially valuable
items, one can purchase a separate policy - often called a floater. These
policies can be tailored to cover specific pieces of art, jewelry, guns,
collectibles, or other valuable possessions.
Many
of these expanded coverage options are available to condominium owners
and renters, in addition to single-family homeowners.
Some
insurers may also allow you to extend the liability section of a
homeowner's, condominium, or renter's policy to cover other properties that
you own, including rental properties or new homes under
construction.
© 2003 Emerald Publications
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