Homeowners insurance is one of those things many consumers purchase once and never think about again – until something bad happens. When a loss occurs is the worst time to discover gaps in your homeowners insurance. At Safeguard, we would prefer you completely understand your policy coverage, conditions and exclusions before you need to use it. So, we would like to introduce 3 homeowners insurance endorsements you should consider buying:
- Personal injury
This coverage, sometimes called “personal offense” provides liability protection for a broad array of claims not related to bodily injury or property damage. Examples include slander, libel, defamation of character, invasion of privacy, malicious prosecution and wrongful entry. The most common claims are slander, libel and defamation. The internet is full of opportunities to engage in libelous or defamatory behaviour. Social media, especially, has become a sounding board for the disgruntled and angry consumer. Personal injury coverage can protect you from litigation related to the things you say or comments left online regarding another person or business.
- Sewer or drain backup
Water damage caused by flooding is never covered by homeowners insurance. However, not all water that enters your home is caused by a flood. Most homeowners insurance policies have the option of providing coverage for water damage caused by a backed-up sewer (yuck!) or other drain, including a sump pump. The coverage is typically a sublimit, such as $10,000, and is intended to cover damage to flooring and walls.
- Extended dwelling replacement cost
Do you know what it would cost to rebuild your home? The truth is that your insurance company does not know either, at least not the exact amount. We use sophisticated software to estimate the replacement or reconstruction cost when writing a homeowners insurance policy. But, the dwelling coverage listed on your policy could be inadequate in the event of a total loss to you home. Extended dwelling replacement cost provides an additional coverage cushion, usually between 125% and 150%. That percentage represents the additional amount the insurance company will pay if the dwelling limit provided is not adequate. For example, a policy issued with $100,000 of dwelling coverage and 125% extended replacement cost will actually provide up $125,000 of coverage in the event of total loss.
Take a few minutes and review your current Nevada homeowners insurance. If it does not contain these endorsements, call Safeguard Insurance immediately for a no-obligation quote. We represent over 15 providers of home, condo and renters insurance. We will take the time to explain your options and present you with the right policy at the right price. Call us at 702-638-0022 or get a home insurance quote online.