What Should You Add To A Standard Insurance Policy?

Many homeowners are happy to choose a standard insurance policy when they first purchase homeowners insurance. In fact, there are many that do not even read through the policy or fully understand the coverage they have before signing on the dotted line. When they need coverage in the future, it is only too late that they realize they do not have the coverage they need. So, what should you add to a standard insurance policy? Below, our Daytona Beach residential property damage lawyer explains.

Flood Insurance 

Even with the amount of tropical storms and hurricanes Florida sees every year, flood damage is almost never included in a standard insurance policy. If you are in a flood zone and have a mortgage, you likely already have this additional insurance because it is required by most lenders. If you do not have a mortgage or do not live in a flood zone, you may be unprotected in case disaster strikes. It is always a good idea to purchase additional flood insurance if you do not already have it.

Coverage for Valuables 

If you have an artwork or jewelry collection that is very valuable, you may want to purchase additional insurance for it. Even if an item, such as a family heirloom, has very little market value, you should insure it if it is valuable to you. You may also want to insure collectables such as rare stamps or coins. In order to purchase this insurance, you will likely need to obtain an appraisal first.

Business Insurance for a Home Business 

If you operate a business from home, there are many different types of business insurance you may need. These may include business interruption, general liability, and workers’ compensation. Business insurance can also provide further protection if your business is negatively affected by floods, fires, or water. If you keep inventory for your business at home, you should also purchase additional coverage to cover the value of it, as well.

Watercraft 

If you have a boat or other type of watercraft, a standard homeowners insurance policy will likely not cover it. You need a watercraft insurance policy instead. These policies cover the vehicle, as well as liability insurance, and any damage caused by other people through the operation or use of the watercraft.

Mold 

On its own, it is very challenging for homeowners to get coverage for mold damage. The easiest way to obtain this coverage is if the damage is caused by a covered loss, such as a burst pipe. This coverage is often only available when additional insurance is purchased.

Our Residential Property Damage Lawyer in Daytona Beach Can Help You Obtain Full Coverage 

If your home has been damaged, you are likely relying on your insurance policy to provide the coverage you need. Unfortunately, that does not always happen. At Bundza & Rodriguez, our Daytona Beach residential property damage lawyer can review your policy, advise on if you are covered, and help you obtain the full settlement you deserve. Call or text us now at 386-252-5170 or chat with us online to schedule a free consultation.

Source:

leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&Search_String=&URL=0600-0699/0627/Sections/0627.7011.html