Do you have enough home insurance coverage to pay for property damage, damage caused to others, and possible displacement expenses? Owners often ask this question, so we’ll cover the basics here.
Personal Property Coverage
There’s no need to have a valuable collection or wine cellar to need personal property coverage. There are likely costly items that would require replacement should there be an incident. Electronics and jewelry are common goods in this example. Typical places cover property values between 50 to 70% of home value.
Liability Coverage
Should you, a household member, or a pet be found liable for harming another person in your home or damaging their property, you’ll need personal liability coverage. Most insurance companies advise having coverage that’s equivalent to your net worth.
Additional Living Expenses
Should a disaster strike and leave your home uninhabitable, you will have expenses such as rent, meals, laundry, and storage costs. Also known as loss of use coverage, your home policy typically covers additional living expenses by 30%.
Additional Coverage Options
A few supplemental policy add-ons that you should consider adding include the following.
- Other Structures: Coverage for fences, storage buildings, etc.
- Inflation Guard Clause: Increases coverage amounts due to inflation
- Extended Replacement Cost: Boosts coverage between 10 and 50% as needed
- Equipment Breakdown Coverage: Covers the costs of repair or replacement for electronics and appliances
- Service Line Coverage: Repairs lines damaged due to inclement weather, malfunctions, and tree invasions
Wondering Whether You Have Enough Home Insurance?
Find out more about your coverage and whether you need supplemental policies to have ample insurance in place. Contact us at D & E Insurance Agency in Muskogee, OK, to get all the answers you need.
