Consider Homeowners Insurance Add Ons, Suggests

May 08, 2009 (PRLEAP.COM) Business News
When it comes to a homeowners property, family and financial well-being, no document is more important than the homeowners insurance policy. And now, more than ever, it is important for homeowners to protect themselves and their assets from all types of losses, including natural disasters (floods, earthquakes, etc.) and even the growing occurrence of identity theft.

According to a recently released article on, homeowners who assume their homeowners insurance policy covers their valuable property in the event of any type of loss is sorely mistaken. The article suggests to homeowners that now, more than ever, it is important to determine whether or not their policies offer the correct amount of coverage and protection.

"Homeowners insurance insures the structure of your home, but it does not insure everything in it. Therefore, you should prevent the pain of dealing with structural or asset damage from unfortunate events," the article recommends. "In addition, be sure to do your research the history of your home and the geology of the area. In the end, it is best to avoid unwanted surprises with additional homeowners insurance coverage.

The article, "Four Additional Homeowners Insurance Coverage Options for your Well-Being," recommends seeking homeowners insurance quotes for valuable add ons. The list includes luxury jewelry coverage, coverage in case of a natural disaster and identity theft coverage. With each, homeowners need to ask how likely is it that the loss may happen to them.

Identity theft, for example, affected nearly 10 million Americans in 2008, a recent study by the Javelin Strategy & Research Center revealed. And with the deepening recession, experts expect identity theft to continue to rise.

"There is a possibility of your identity being used by an unwanted party, and your homeowners insurance will not cover the loss of your finances," warns the article. "[I]dentity theft protection is inexpensive, can be added to any homeowners insurance policy, [and] can provide up to $15,000 in coverage."

Homeowners need to take stock of their surroundings when deciding what kind of coverage options need to be included on their homeowners insurance policy. Ask specific questions, according to the article. Is theft a problem in the area? If so, you'll want your homeowners insurance policy to protect all of your personal belongings, including the pricier items, like heirlooms, electronics, one-of-a-kind pieces, jewelry, etc. Also ask yourself, is the area at high risk for a flood? If the area you live sees a great deal of rainfall during the year or you live by a body of water, flood insurance may be a good idea to include on your homeowners insurance policy.

These are just a few of many questions homeowners need to ask themselves before letting go and trusting in their homeowners insurance policy. Homeowners don't want to find out too late that their homeowners insurance policy doesn't cover everything they thought it did. It could cause financial and even emotional distress on the homeowner.

Staff Contribution: Meha Ahmad

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