Additional Coverage: Being Extra Careful
Now that you have your basic home insurance policy in place, think about the things you own that might require extra protection. When considering if you need additional coverage, take a look at the inventory of your home’s contents.
Most insurance policies provide actual cash value coverage for your possessions. If you’ve purchased replacement cost coverage, you’ll receive more reimbursement for your belongings. But you should consider purchasing additional coverage for items that would ordinarily be subject to loss limitations.
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Most policies cover losses for your possessions up to a particular limit, which is generally determined by an item’s category (jewelry, electronics equipment, art, and so on). If your grandmother’s antique brooch is stolen from your home, the loss may not be completely covered under a typical policy. For valuable items like this, as well as fine art, furs, and collectibles, you should consider purchasing extra insurance, also known as a personal property rider.
A personal property rider will entail paying an extra premium, but the coverage will be worth it. Don’t limit your personal property riders to the categories above – you should purchase additional coverage for anything you own that’s of high value. Commonly insured items include cameras, computers, television satellite dishes, sports equipment, and toys.
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