September 1, 2018

It seems like a part of the human condition is: the longer we are in one place, the more stuff we accumulate. Ask any homeowner if they have acquired something new for their home in the last 12 months and they will, undoubtedly, say yes.

Whether you’ve added a deck, inherited a piece of jewelry, started collecting hockey cards, or simply have accumulated “stuff” over the years, odds are that some of your new items may not be covered by your existing home insurance.

In addition, life changes happen to all of us and can impact your home insurance coverage.

Changes include:

  • Getting married
  • Having a child
  • Inheriting items of value like jewelry or heirlooms
  • Starting a home-based business
  • Completing significant renovations
  • Adding a fireplace
  • Adding outbuildings
  • Owning musical instruments
  • Purchasing works of fine art
  • And more

At Ostic, we highly recommend regularly reviewing your home insurance policy to ensure that you are protected for your current lifestyle.

Additional home insurance coverages

There are many additional home insurance coverages that can be added to your home policy — it all depends on your particular circumstances and needs. Some of the most commonly added coverages include:

Outbuilding Coverage

An outbuilding is a structure on the insured property that is not attached to the dwelling and is not used in whole or in part for some commercial business activity. Examples of outbuildings include garages, workshops, garden sheds, pool sheds, fences, and gazebos.

Additional Living Expense

An additional living expense covers the additional costs of living that are incurred by the policyholder if the policy holder is temporarily displaced from their place of residence. This can include the loss of rental income in a multi-family dwelling.

Personal Property

Personal property coverage includes all personal property owned by the homeowner their immediate family. There are limitations within most homeowner policies for damage or loss to personal property including, but not limited to, cash, securities, jewelry, furs, collectables, and watercraft. Business property that is kept at the dwelling will also have a limitation of coverage. This coverage can also extend to students away at school.

Personal Liability

Insurance will offer protection for claims made against you for damages to persons or property because of your negligence. This would include the cost of defending a lawsuit made against you.

In-Law Suites

In-Law suites are self-contained apartments within the dwelling for the purpose of housing a senior parent. Most homeowner policies will automatically extend coverage to the personal belonging of the parent and they should be named as an Additional Named Insured on the policy for purposes of liability coverage.

Umbrella Insurance Coverage

Umbrella insurance offers important liability coverage, as a supplement to your basic home and auto policies, for unforeseen events.

For example, if you are being sued and you cannot afford the legal bills, you don’t need to declare bankruptcy or sell your home. Umbrella insurance can provide you with greater peace of mind.

Umbrella insurance covers a wide range of situations. The main areas of coverage are:

  1. Increased Liability Protection
    Claims, lawsuits, and judgments relating to personal actions that are deemed legally liable anywhere in the world.
  1. Personal Injury Protection
    Libel, false arrest, wrongful conviction, slander, defamation of character, etc.
  1. Legal Defense Costs
    Expenses incurred by legal defense in any suit defended by your insurance provider.

Learn more about the reasons to add Additional Insurance Coverages and Umbrella Insurance Coverage to your home insurance policy.

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