Beyond property insurance
As climate change continues to accelerate homeowners should look beyond just traditional property insurance. Below is a summary list of other types of insurance available. Check with your agent before the next storm hits.
Dwelling Insurance: Dwelling insurance specifically covers the structure of the home itself, including the walls, roof, floors, and built-in appliances. It may not cover other structures on the property, like detached garages or sheds.
Personal Property Insurance: This type of insurance covers the personal belongings inside the home, such as furniture, clothing, electronics, and appliances. Personal property insurance may provide coverage for loss or damage caused by covered perils, even when the damage occurs outside the home.
Liability Insurance: Liability insurance protects homeowners from legal claims and lawsuits if someone is injured on their property or if the homeowner accidentally damages someone else's property. It typically covers legal fees, medical expenses, and settlements or judgments up to the policy limits.
Additional Living Expenses (ALE) Insurance: ALE insurance, also known as loss of use coverage, helps cover the cost of temporary living expenses if the home becomes uninhabitable due to a covered event. This may include hotel stays, meals, and other necessary expenses while repairs are being made.
Flood Insurance: Flood insurance provides coverage for damage caused by flooding, which is not typically covered by standard homeowners insurance policies. It is often required for homeowners in high-risk flood zones but can be purchased by anyone living in a flood-prone area.
Earthquake Insurance: Earthquake insurance provides coverage for damage caused by earthquakes, which are also not typically covered by standard homeowners insurance policies. It may cover repairs to the home and personal belongings, as well as additional living expenses if the home is uninhabitable.
Umbrella Insurance: Umbrella insurance provides additional liability coverage beyond the limits of standard homeowners insurance. It can help protect homeowners from lawsuits and claims that exceed the limits of their primary insurance policies.
Valuable Items Insurance: Also known as scheduled personal property insurance, this type of coverage provides additional protection for high-value items such as jewelry, art, antiques, and collectibles that may exceed the limits of standard homeowners insurance coverage.
Loss of Use Insurance: Reimburses homeowners for additional living expenses incurred if they are temporarily displaced from their home due to a covered loss, such as staying in a hotel or renting temporary accommodations while repairs are being made.
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