3 Extra Features You May Want To Add To Your Homeowners Insurance Policy

If you own a home, you most likely have homeowners insurance. Although this type of insurance is not government mandated, like auto insurance, most mortgage lenders will require that you get insurance if you finance your home through them. In addition, home insurance is always a good idea. There are a lot of options when it comes to finding insurance for your home. What many people do not understand is that there are some things that simply aren't covered through a standard policy. Luckily, you can always opt for extra coverage. Here are some things you might need to add.

1. Rental Insurance If You Are Renting A Property

In most cases the insurance company will only insure the property, and the belongings inside the home, if you are the primary resident. If you choose to rent out your home you might need to get additional insurance that insures the home in the case that something happens while you are renting it out.

If needed you can simply get the base option, which means only the property itself is covered. Then you can require that your renters get their own insurance. This is something that you should talk to your insurance provider about.

2. Flood Insurance

Another feature that is not covered in standard homeowner insurance is coverage for a flood. Some places require you to have it if you live in an area that is high risk for a flood. Usually when you purchase the home the mortgage lender will let you know if you need to have flood insurance based on the area that you live, and the land survey.

If you do need flood insurance, you can buy it from your same home insurance provider (such as Kerr Agency) or you can get it from a separate company. Generally flood insurance is very affordable.

3. Sewer Back Up

You might have to buy an extra plan for sewer back up problems. If you live in an older house, or in an older area, there is a chance that you could have problems with your sewer line. In most cases your homeowners insurance will not cover these types of problems. You can opt for additional coverage so that if something does happen you have help. These plans are very cheap, sometimes as low as $50 for the entire year.

By understanding what your homeowners insurance policy does and doesn't cover you can get the coverage that you need.