Your home is the backdrop for your life – it’s where you live every day and create meaningful memories with your loved ones. You may have a home security system but have you thought of other ways you can protect your sanctuary. Securing the right home insurance is key when it comes to protecting your home. But what does your current home insurance policy cover? And are you missing any coverage that can ensure your home is fully protected from the unexpected? This is where optional coverage is essential.
What is optional coverage?
If you want extra coverage that isn’t included in your existing home insurance policy, you’ll need to explore optional coverages. The types of optional coverage you choose may depend on where your home is located and any unique risk factors. These are also called endorsements, so if you see that phrasing on home insurance providers’ websites, you’ll know they’re talking about add-ons to your insurance policy that covers a specific item or event. Depending on the home insurance provider, they may offer a variety of types of optional coverage.
Here are some types of optional coverage that you may want to add to your home insurance policy:
Sewer backup coverage
With more severe weather affecting communities across Ontario, sewage backup coverage may be a worthwhile investment. If sewage was to flood your basement, the repairs could be an exorbitant expense, but it can also negatively affect your health. You may need to gut your entire basement and rebuild it, depending on how much damage it caused.
When frequent downpours negatively affect our current sewage system, there may be many sewage backup issues. You may install a mainline backflow prevention valve which can help prevent sewage in an overloaded main sewer line from backing up into your basement. Yet, this is only one way to protect your home from harmful sewage issues. The overall problem can still happen, so optional coverage for this issue is advisable.
Earthquake coverage
When you think of earthquakes, you may be thinking about places like California, but earthquakes can occur in Ontario. The risk of earthquakes rises if you live in parts of Ontario like Ottawa. With earthquake insurance, you’ll have coverage should there be loss or damage to your home due to the shaking of the earth. Earthquakes can happen unexpectedly and without warning. The costs associated with earthquakes have increased, especially for older homes with outdated structures.
Luxury content coverage
If you have items in your home that are expensive to replace, you may want additional content coverage. Specialty items may be added by a rider/endorsement to protect them properly. Whether it’s jewelry, artwork, valuable collections, and more – you may wish to have these items appraised and get that coverage amount. Typically, policies are limited when it comes to covering these items. If you have items that are special to you and of a high price tag, then knowing your policy will cover these items may give you peace of mind.
Enhanced Water Coverages
Water is a powerful force and can cause serious damage that is expensive to fix. Not every policy covers flooding damage; in fact, few do without enhanced water coverage. These special additions to your policy can save the day when your home experiences overland water damage, groundwater issues or a backed-up sewer, sump pump or septic system. Revisiting your policy to ensure you are covered is a smart idea and adding enhanced water coverages will give you peace of mind.
Securing Home Insurance
Protecting your home and loved ones is likely at the top of your to-do list. And with the right home insurance policy, you can be happy and at peace knowing your home will be financially protected should unexpected events happen. Knowing what optional insurance coverage is available can be difficult. You may not know what makes sense for your unique circumstances. An insurance broker can help you determine the right coverage by doing the shopping on your behalf – they’ll be able to leverage their knowledge and know-how to provide you with appropriate home insurance options.
The team at Keller & Associates Insurance Brokers has the expertise and experience to help homeowners like you find affordable home insurance options. Get in touch, and we’ll help you find the right protection.