Have you ever had a home insurance policy but never thing about protecting your stuff outside of your house? Well, this is a common problem. You may not even know it, but your home is also your property. And as soon as something happens to your home, your belongings are at risk. Therefore, it is so important to have homeowners’ insurance. If something happens to your home and you do not have insurance, the potential damage could amount to a lot of money. So, whether it is an accidental fire or something more serious, having homeowners’ insurance will keep you and your belongings safe. This article discusses how homeowners can protect things beyond their typical homeowners’ insurance policy.
Umbrella Insurance for Your Business and Commercial Property
If you own a business that sells products in person, then you want your office to be protected from unforeseen damages. Examples of these types of damages would include theft, vandalism, water damage, flooding, fire, smoke damage, etc. But what if your business is not located at your home? It is a new store just opening up its doors. Or your business is a restaurant that opens on Fridays only. Either way, these businesses need protection against any damages caused by disasters. Luckily, there is an easy solution: commercial insurance policies. These are specifically designed to help protect businesses like yours from damage caused by natural occurrences and artificial events. For instance, you may have commercial coverage for earthquake damage, flood damage, burglary, and more. So, if anything happens to your business, your commercial insurance will cover the costs.
Flood Insurance for Houses and Buildings
Just because you live in a place that does not get floods every year does not mean that your house should not be covered with flood insurance. Some insurers offer discounts for homes that are made from concrete. According to FEMA, “Floodwaters rise very quickly, so knowing where your home stands above flood level are vitally important. The best way to determine your elevation is to take a tape measure (or use one of several free online tools) to your house. Mark off ten feet horizontally around the foundation of your residence. Then add thirty inches vertically, as measured at ground level, around the structure’s perimeter in each direction. The total vertical distance equals total elevation.” Once you know your elevation, you can compare this number to the floodplain boundaries below. To see which areas are considered flood-prone, go to FEMA to view a map of U.S. flood plains. And remember, if you are purchasing your homeowners’ insurance through us, we already factor into our rates the cost of these kinds of risks. So, you do not pay extra charges when you purchase your homeowner insurance through us.
Theft and Vandalism Coverage for Items Inside and Out
It is a good idea to have an itemized inventory of all your possessions (including those inside your home). Most people do not do this today. But if you did, it might prevent losses such as robbery, burglary, or vandalism. By creating an inventory, you could document exactly who has what items, and you would not have to guess who took what. Also, if you have a home security system, consider installing motion sensors that alert authorities if someone enters your home without permission. That way, they will not be able to steal anything. Some systems also allow police access to your security footage to identify thieves.
It is always better to be prepared than sorry. After Hurricane Sandy hit New York in 2012, many homeowners realized they had not taken stock of their supplies. They were too busy trying to save their lives to think about protecting themselves and their property. However, now they realize how simple it was to put together disaster kits. As a result, they are making sure they always have ample food, water, flashlights, batteries, first aid, candles, and other essentials to get them through times of crisis. In addition to storing emergency supplies in your basement and attic, investigate portable generators and emergency lighting. Both are great ways to make sure you will still have electricity even after a major storm knocks out power lines.
Business Liability Coverage
If you run a small business, you might not think twice about having liability coverage. But it is actually one of the most vital steps in protecting your assets from lawsuits and legal fees. Your business could be sued for any number of reasons — whether you operate a daycare center in a neighborhood that attracts lots of kids or a landscaping company in which employees accidentally poison customers. It is possible if your business does enough damage that a lawsuit will bankrupt you. In that case, you may find yourself responsible for the money owed on loans secured by real estate holdings or equipment. It would be prudent to protect yourself against potential liabilities before your business begins to reap benefits. Check with your insurer to learn more about getting business liability protection.