"Do I need all this 'stuff' on my home insurance policy?"
We often hear this question from Grapevine homeowners. Our answer is "Maybe".
While that may not be immediately satisfying, it doesn't make our answer less true. The only way to answer 'yes' or 'no' is to adequately determine your wants and needs so we can correlate that with what options are available for you.
One thing to keep in mind, there are certain parts of a policy that are required and others that are not (optional coverages). This doesn't mean it's best practice to just put those coverages to the side if they are not required. Doing so could leave you exposed to some real coverage you need.
We know by now that dwelling coverage is required because it helps you build your home if it burns to the ground, which we hope it NEVER DOES. So what are some of the optional coverages of which we speak? The better questions, which optional coverages do we recommend?
We won't provide an exhaustive list. We could cross the state from South Padre Island to Amarillo in the time it would take to do so.
But, we'll throw out some common options, a.k.a. "endorsements" that you would be able to pick from when dealing with your independent insurance agent.
- buiding alterations
- earthquake
- eco-upgrades
- equipment breakdown
- foundation coverage
- glass coverage
- golf carts
- home-based businesses
- identity theft or fraud
- loss assessment
- mold coverage
- scheduled property (e.g. jewelry)
- solar panels
- watercraft
There's a lot more we can name, but you get the picture. You may also notice how some or none of these may interest one person or another.
However, there are a few we always recommend to Texas homeowners.
- Building Ordinance - one person holding many cards is the city inspector who can require you to pull permits to bring your house up to current building codes in event of a repair or rebuild. You don't want to pay out-of-pocket for that. This coverage helps prevent that.
- Seepage and Leakage - Ahhh . . . the dreaded slow leak. We get asked about this a lot. Wherever you can imagine a slow leak that's not caused by an appliance, say your AC drip pan, a bathroom pipe, your foundation, your coverage will pay for the repair and leave your wallet out of it.
- Sewer and Drain Backup - a stinky mess is when a sewer line backs up and you've got a huge problem in your house. You'll need to get this cleaned up in a hurry and though you never want to think about this, you want to be covered in the event this happens.
Those are the big three optional coverages we wouldn't want to see you do without. These can save you money and provide benefit during a time you'll need it the most.
As an independent insurance agent, we have a bead on how to obtain this coverage to protect you and your family.
Let's review your coverage and make sure you are covered with the right options.
