Creating a Custom Home Policy with Add-Ons and Riders

At Insuran LLC in Central Ohio, we want you to understand that your homeowner’s insurance comes as a base policy. You can add coverage to it as you need it.

What type of coverage, you ask?

Common Coverage Add-Ons

You can add everything from jewelry coverage to extra liability coverage, a handy item to have if you regularly hold fundraisers or celebrations at your home.

That might sound ostentatious, but it isn’t. Many careers require such events to take place at your home.

  • Children’s or high school sports coach
  • Minister
  • Doctor
  • Schoolteacher
  • Choir or choral director
  • Bandleader

Most of those positions don’t pay a lofty sum, so an accident at their home could easily cost them more than a typical home policy provides. Adding umbrella coverage to your home policy protects your finances.

Jewelry insurance might sound trivial until you purchase your fiancée’s engagement ring. The thousands of dollars it cost would set you back if stolen.

Running a home-based business requires adding a commercial component to your home policy. This bundles the commercial protection of business liability with your home insurance.

A hobbyist policy add-on covers the expensive equipment or materials for your hobby, such as photography or stamp collecting. Without it, you’d only have the typical coverage of home insurance for personal property, which usually provides about ten percent of the home’s value.

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Many other options exist to customize your home policy. While many articles talk about a standard home policy, you should never buy cookie-cutter insurance. Let Insuran LLC in Central Ohio help you customize your home policy.

Does My Homeowners Insurance Policy Cover Earthquakes?

Congratulations on getting homeowners insurance. However, if you reside in an earthquake-prone area like Central Ohio, your home might not be as safe as you think. So far, you have likely been assuming that your standard home insurance policy protects against earthquake damage, but that is not the case. 

Direct and Indirect Earthquake Damage

Almost all standard homeowners insurance policies don’t offer coverage for damage to your home that directly results from earthquakes. However, few policies might cover damage to your home indirectly caused by an earthquake, such as fire, breaking glass, explosion, and theft. At Insuran LLC, we recommend purchasing an earthquake insurance coverage to protect your home from earthquake damage fully. 

What Is Earthquake Insurance?

Earthquake insurance is available in three options, dwelling coverage, personal property coverage, and additional living expenses coverage. 

  • Dwelling coverage: This insurance policy covers repairing your home’s structure up to a certain point after it has experienced earthquake damage. This policy features a deductible that can range from 5% to 25%, which the insurer will hold when paying the claim after a loss. Going for a high deductible means lower premiums. 
  • Personal property coverage: As the name suggests, this insurance policy will protect your home furniture, electronics, and other personal belongings damaged or lost because of the earthquake and is limited to between $5,000 and $200,000. You can also buy supplementary breakables insurance to protect things like china, crystal, and glass. 
  • Additional living expenses coverage: You will need to rent a place to leave as your home is being repaired after an earthquake. This earthquake insurance policy is meant to cater for the additional cost of moving, rent, food, storage, laundry, and such expenses. This insurance policy is limited to between $1500 and $100,000. 

Contact us at Insuran LLC, based in Central Ohio, for more information about home insurance and earthquake insurance.

An Introduction to Home Insurance Types

Insuring your Central Ohio home should be easy, so Insuran LLC made this quick guide to home insurance. That broad term encompasses homeowners’ insurance, plus condo, RV, and renter’s insurance. Within homeowners’ insurance, you can choose from four different levels of coverage – dwelling, standard, all-peril, and historical home.

While the other types remain self-explanatory, homeowners’ insurance requires a bit of explanation. The four levels of coverage apply only to houses. (If you buy a condo, you get condo coverage, also the type you buy for an apartment you purchase.) The four house types differ in coverage levels, mostly with respect to perils.

Dwelling: A homeowner who has previously filed many insurance claims or an older home in disrepair requires dwelling insurance, which covers only ten perils and liability plus personal property damage.

Standard: The typical policy purchased by most homeowners covers 16 named perils, liability, and personal property damage.

All-peril: Think of this as an enhanced form of standard coverage. It has no limits to the perils it covers. It also covers liability and personal property damage. Some policies also include medical coverage and living expenses if damage to your home precludes you from living in it while it undergoes repairs.

Historical: An owner of a home on the historical register or with architectural significance purchases historical home insurance (HO-8). This insurance covers many perils but not all of them, including liability and personal property damage.

Contact Central Ohio’s Insuran LLC to learn more about your options for home insurance. You can easily insure your home whether you buy a condo or a mansion, a tiny house, or an RV. Let Insuran LLC help.