homeowners insurance

Homeowners Insurance

Homeowners insurance policies mainly fall into 7 broad policy types that cover the common risks that your home is subject to. You can also supplement your existing policy by buying additional homeowners insurance that covers your home and property against other risks. You can either speak to your insurance provider, or you could opt for home insurance online. Be warned, however, any extra insurance that you purchase will drive up your home owner insurance rate.

• Flood insurance
  Homeowners policies do not cover flood damage. The National Flood Insurance Program (NFIP) offers flood coverage in many areas. Local insurance agents sell NFIP flood policies and can tell you about the program in your area.
  
  If a mortgage lender determines a home is in a special flood hazard area, the borrower might be required to purchase flood insurance.
  


• Earthquake insurance
  If you are concerned about earthquakes, you can get coverage with a separate policy.
  


• Extra coverage (Endorsements)
  You might want more coverage for certain items than your policy provides. For an extra premium, you might be able to buy endorsements that expand or increase the coverage on these items. Some of the most common endorsements cover jewelry, fine arts, camera equipment, coin or stamp collections, computer equipment, and radio and television satellite dishes and antennas.
  


• Personal umbrella liability insurance
  If you want more liability coverage than a homeowners policy provides, you can buy a separate umbrella policy. Because policies vary, make sure the agent or home owner insurance company fully explains the coverage.

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