Are There Gaps in Your Home Insurance?

Are There Gaps in Your Home Insurance?

Is your homeowners insurance lacking coverage?

Every homeowner wants to believe that their standard home insurance policy protects them from every peril. If you’re like most Americans, you probably don’t realize that your homeowners insurance is lacking coverage. In fact, many policyholders are unaware of the ins and outs of their policies, which means they could easily end up paying a lot more money than they expected after damage to the home.

Below are common gaps in homeowners insurance that you should tend to immediately.

Flood and Earthquake Insurance

Even if your policy states that ‘all perils’ are covered, most policies carve out many exceptions or exclusions to this general provision. Damage caused by floods and hurricanes are rarely covered under a standard home policy. The aftermath of these events can be devastating, which is why obtaining coverage is so important. These policies can be purchased separately, protecting your home from each disaster.

Upgrades to the Property

If you’ve recently incorporated some home additions, you’ll want to talk to your insurer. If you update the home and therefore improve the value of the property, your homeowners insurance coverage will need to reflect the new value. If you don’t, you may only be covered to rebuild your home before your upgrades.

Home-Based Business

Many people don’t think twice about working from home. However, if you’re an entrepreneur working out of your home, you may not realize that some business exposures can be specifically excluded from your homeowners insurance – especially those related to customer traffic on premises. A business insurance policy may be needed to cover your equipment and liability risks.

For reliable homeowners insurance, visit the professionals at All Nevada Insurance. We serve Las Vegas, Henderson, and neighboring cities on Nevada!