Does your home need extra protection?

You’ve just purchased insurance for your new home. But now you’re wondering if you’ll receive reimbursement if your detached workshop or beloved antique vase is damaged in a fire.

The ins and outs of homeowners insurance can be tricky, but having the right plan to protect your property and assets is essential. You can talk to your insurance agent anytime to set things straight or adjust your coverage.

Let’s go over what the typical insurance plan covers — and what it doesn’t.

• Covered: Dwelling Protection
  This covers your home’s structure when there’s catastrophic damage caused by fire, theft and more. It should also cover separate structures like sheds, garages or workshops on your property.
  
  Extra: Flooding and Earth Movement
  If you live in an area that’s prone to earthquakes, flooding or landslides, you’ll need to get a separate policy to cover your home and belongings.
  
  
• Covered: Personal Property
  This aspect of your policy refers to standard household items, like furniture or electronics, that are damaged by a covered risk.
  
  Extra: Endorsement or Floater
  For high-value items that exceed standard reimbursement limits, like jewelry and rare collectibles, you’ll probably want to extend your personal property coverage.
  
  
• Covered: Liability Coverage
  If someone who doesn’t live in your home gets injured on your property, liability coverage pays for their medical bills or legal fees. It should also cover you if you (or a member of your household) damage a neighbor’s property.
  
  Extra: Umbrella or Excess Liability
  Think you may need more coverage than what’s provided by your standard homeowners policy? It’s a good idea to talk to your agent about this broader coverage.

Your homeowners insurance doesn’t have to be standard. You can adjust your deductibles, add on extra protection and fine-tune your coverage as your needs change.

Get in touch if you want to know more about homeownership or need an insurance agent referral.