When purchasing homeowners insurance, it’s important to understand that one policy does not fit all. In fact, one policy typically doesn’t even cover all the situations that may arise in your lifetime. There are different types of insurance and you must determine which ones fit your needs.
Your basic policy for homeowners insurance Newark DE likely doesn’t cover flooding. Typically, you need to purchase flood insurance by itself. If you live near a body of water or at the bottom of a hill, flood insurance is especially important since you are more susceptible to disaster. However, even if you don’t live in an area that floods often, it’s a good idea to carry coverage. After all, you never know when your washer might go haywire.
If you have employees in your home, such as nannies or cleaners, then it is a good idea to get an umbrella insurance policy. An umbrella policy protects you in a variety of situations that could arise due to your employees, including libel and slander cases. If the cleaner claims you made inappropriate contact or the nanny is injured by one of your children, this policy can help to protect you, your family, and your assets.
Scheduled Personal Property Insurance
Typically, your insurance policy covers the items within your home. However, it will only cover them up to a certain amount. If you own a lot of high-value items, you’ll need a high-value policy; but what if you only own one or two items of high value? In these cases, you’ll need scheduled personal property insurance. This type of policy covers one specific high-value item, such as an engagement ring or a valuable family heirloom. Keep in mind that an appraisal is often required.
Before choosing a homeowners insurance policy, consider having your home appraised. In addition, go through it to determine the value of your belongings. Doing so helps to ensure that you have the right coverage to meet your needs.