6 More Common Home Insurance Issues and How to Address Them
Getting a home is one of the most rewarding milestones anyone can accomplish. It lets you customize your space according to your unique needs.
As our world holds more dangers, you must find ways to protect your lifelong investment, such as by acquiring adequate home insurance. This financial safety net can help safeguard your property during catastrophic events.
However, you need to do more than acquire the basic coverage; you must also educate yourself on what events they may not cover and get additional protection.
We previously discussed five problems your property can face in the first part of our blog series. This article will enumerate six more common home insurance issues and how to prevent them.
1. Business Equipment and Property
If you’re using your home to store business equipment or tools, you must know that your standard home insurance policy may not cover replacement costs during a disaster. For this reason, you must get special insurance to protect them.
You can protect your tools, equipment, property, and inventory by getting a specialized commercial insurance policy. This coverage can also protect you from liability claims and customer lawsuits and help replace lost or damaged items.
2. Identity Theft Protection
You’re more likely to become a victim of identity theft if you use a credit card to buy things online. It’s easy for someone to steal your identity, but restoring it can be frustrating and expensive. For this reason, you must find special coverage that your home insurance may not protect.
You can protect yourself and other people living in your home from identity theft by adding a personal identity theft endorsement to your current coverage. It can help mitigate costs associated with repairing your financial history, legal fees, and lost wages.
3. Inflation Costs
Inflation can cause living expenses and home values to increase. You may need to raise your home insurance policy limit to ensure you have enough coverage if you need to replace or repair your home after a loss.
You can protect your property during a disaster by adding an inflation guard endorsement to your current home insurance policy. This endorsement will significantly increase your coverage limits yearly.
If you’ve invested in landscaping for expensive trees and shrubs, you must ensure your current home insurance policy covers these items. Most coverages can protect your landscape against damage from fire, lightning, explosion, vehicles not owned by the resident, vandalism, theft, and malicious mischief.
You can protect your precious landscape by checking what damages your current insurance policy covers. For instance, if it only covers fires and vandalism but not floods and theft, consult your agent so that they can get you the appropriate additional coverage.
5. Recently Remodelled Home
While a home remodelling project can be an excellent investment, you must consider that fires or floods can cause collateral damage and undo all your hard work. Inadequate insurance coverage can lead to expensive repairs or replacements.
You can protect your newly renovated home by working with a reputable home insurance broker. They’ll check your coverage annually and advise you if you need to update your limits.
6. Residents That Are Not Blood-Related
Most home insurance policies won’t cover anyone other than the “named insured” and those under the age of 21 in their care, even if you consider them family. You can protect your property by consulting your insurance broker about adding other people in your home to your policy as named insureds or insureds for added protection.
The Bottom Line
Protecting your property from all potential home insurance issues must be the utmost priority for all homeowners. Working with a reputable insurance broker can help you find the appropriate coverage.
Kirkham Insurance provides reliable home insurance in Lethbridge to help homeowners safeguard their lifelong investments. Reach us now to get an online quote!