From the building itself to the things you own and those you share it with, your home is unique. So why isn’t your homeowner’s insurance? Whether you’re shopping for your first policy or dissatisfied with your current one, it’s important to know what you might be missing within one-size-fits-all policies or just meeting the bare minimum requirements for your HOA or mortgage. Learn more about what might be lacking from your current coverage and the importance of customizing your homeowner’s insurance – including why to use an independent insurance company.

Understanding Homeowner’s Insurance

To understand what you’re missing, let’s quickly go over the basics of a home insurance policy. Most policies cover three major parts of your home.

• Dwelling: Coverage for the building and infrastructure on your property, including the exterior, interior, structures, roof, pipes, wiring, etc.
• Personal Property: Your family’s possessions within the home, everything from toys to toasters, including big-ticket items like electronics and appliances.
• Liability: Policies generally also provide limited liability coverage for guests who are injured or whose property is damaged, including coverage for medical bills or legal action.

The Gaps Left by Standard Policies for Your Home

Hopefully, you’ve not had the first-hand experience of a homeowner’s policy failing to meet expectations when you need it most. Below are some of the most common issues our clients had experienced before they came to us.

Not Enough Coverage

While the value of houses across the US continues to increase, your insurance’s coverage does not, especially once the cost of construction materials is taken into account. Your total coverage may have slipped, which can also have knock-on effects on all the parts of your policy that use a percentage of your total coverage.

Scheduled Personal Property

While insurance covers all your possessions, it doesn’t cover them all equally. Costly items, such as high-end electronics, jewelry, and collector’s items, may need to be scheduled – given additional coverage with an insurance rider or endorsement.

Coverage B (Other Structures)

Other structures on your property are also covered by your homeowner’s insurance, but they can fall victim to the same issue – as this coverage is usually a percentage of your total dwelling coverage – not enough for expensive stand-alone structures.

Customizing Your Homeowner’s Insurance

Instead of a bare minimum or cookie cutter policy, you should be talking with real insurance specialists who want to get you the right policy for the right price. Customizing your policy, including looking at options like umbrella insurance to cover gaps and making sure your coverage actually covers your home and everything in it – not just bare minimums.

The Safeside Insurance Agency has been serving Worcester County and greater Massachusetts for over 30 years. Family owned and operated and active in the community, our goal is to get clients the right coverage for their unique circumstances, for now through the rest of their life. If you want to see the difference independent insurance agency can make, contact us now or call us at (508) 753-8862.