Three Types of Insurance You Need But Have Never Heard Of
Insurance is a funny thing. You
want to have as much as possible without paying too much for the coverage. But
then, you never want to wind up short on coverage when a problem arises.
Unfortunately, if you’re not working with a solid insurance agent, you might
not even realize the sorts of insurance you should have outside the more obvious
ones.
Renters Insurance
Most individuals realize that
homeowners need insurance for their homes, but many apartment dwellers don’t
realize that they also need insurance. This is especially true of younger
renters who are out on their own for the first time. In most leases, there is a
mention of the apartment renters acquiring their own insurance for belongings
and the contents of the rental unit. However, even with the clause in the
rental contract, there are many people who simply don’t realize the importance
of having renters insurance.
Renters insurance covers what you
have inside a rental unit. The property owner is responsible for insuring the
building, but in the case of a fire, flood, break-in or any other sort of
disaster, only renters insurance will cover the cost of replacing items that
become lost, damaged or stolen inside your apartment. Renters insurance is
usually very reasonable, and is available online or through independent
insurance agents.
Flood or Rising Water Insurance
It makes sense for a house next to
a river to have flood insurance, but many individuals don’t realize how likely
it is that a torrential downpour might flood more than just a main river. That
river or lake is connected to many tributaries, bayous, canals, creeks and even
ditches. If the river floods, so does everything else. If the flooding is bad
enough, the normally dry ditch behind your house might just flood right into
your home.
It is just as likely that your home
will flood with rising water should the sewers be blocked in your neighborhood
or if too much rain falls for the pumps to handle. Flood insurance is mandatory
for those living in the flood plain, but should be purchased by everyone with a
home. Flood insurance is not usually included in a standard policy for
homeowners and must be added to the policy as a supplemental.
Wind and Hail Insurance
Wind can be immensely damaging to a
home. Hail that accompanies storms and items carried by the wind can cause
tremendous damage to your home, and if your homeowner’s policy doesn’t include
a wind and hail inclusion, you’ll be looking at a very expensive roof repair or
damage to the rest of your property thanks to a powerful summer storm.
Many policies include wind and hail
insurance, but some do not. Check your policy or speak with a representative
about what sort of coverage you already have and what sort of coverage your can
add to your policy to be sure you’re protected.
