Most homeowners are aware of the basic coverages afforded through homeowner’s insurance. They can rest assured that if their home were to catch fire, be subject to theft, riot or civil commotion or windstorm or hail, among other events, they will be indemnified. Little do many homeowners know there may be coverages hidden in their policy that can prove to be quite useful. From unknown liability coverages to specific events that are covered, a homeowners policy has the potential to cover a homeowner much more deeply than they think.
One of the more modern and unknown coverages is identity recovery. In the event of a homeowner’s identity being stolen, a homeowner’s policy can assist with costs associated with recovering one’s identity, including costs to monitor credit, any associated application fees as well as costs to fax or otherwise send information to credit card companies or any other company with jeopardized accounts associated with the identity theft.
Another coverage homeowners may not be aware of is liability assumed away from the actual residence. For example, a homeowner’s child is playing basketball at the local park. During the game, the child accidentally causes another player to fall, the consequence of which is a broken leg. A homeowner’s policy may cover the damages associated with such an event. A homeowner’s policy can also cover property damage the homeowner is liable for away from the home. For example, if a homeowner accidentally causes damage in a restaurant, and the restaurant is pursuing payment from the homeowner, the policy can cover this liability.
Continuing with liability, a homeowner’s policy potentially offers a plethora of other coverages. For example, if someone gets seriously injured in a covered home, the result of which is missing work, a policy can cover lost wages of the injured party, should the homeowner be found liable to pay. Should a homeowner be sued for an accident that occurs in their home, a home insurance policy can cover the legal expenses incurred by the homeowner to defend their case. Finally, while it may be a bit morbid to think about, should someone accidentally meet their untimely death in a covered home, the policy may have the ability to pay the family of the deceased a death benefit.
When one looks at all the avenues of coverage a home insurance policy potentially offers, beyond the replacement of personal property or fixing a home due to a covered loss, one will realize it is quite comforting to own a homeowners policy. It provides protection from various circumstances for which one would otherwise have to pay out of pocket.
It is important to note that not all homeowners policies are created equal and what one company offers may not be the same as another company. If you would like an insurance professional to review your homeowner’s policy to see if you have all of the coverages mentioned here, contact Beckerman & Company today. With access to all of the top home insurers, we are guaranteed to find you the best policy.