If you are a homeowner, you are probably very familiar with what is covered under both property and liability coverages of your homeowner’s insurance policy. But have you ever thought about what your Philadelphia homeowner’s insurance doesn’t cover? There are many items or events that standard homeowner’s insurance in Philadelphia does not cover adequately or without additional payment. Is it time you re-evaluated your coverage to ensure that you are adequately protected from loss?
Where You May Need Extra Philadelphia Homeowner’s Insurance Coverage
The worst time to discover that you don’t have sufficient insurance coverage is when it’s already too late. Don’t be caught without adequate coverage. Here are some areas where you may be underinsured:
- Jewelry. A typical policy has limits of $1,500 per claim for jewelry, not per item. For many people, this would not come anywhere close to covering a theft of their fine jewelry. There are a few ways you can increase your coverage. You can opt to raise the limit of liability, which tends to be the less expensive option, but again – there are usually per-piece limits. If you have highly valuable jewelry, you are better off “scheduling” each piece. While this may cost more in premiums, you will rest assured knowing you have greater protection. Such a floater covers loss of any type – even if you drop it down the drain. First, you must have your item(s) professionally appraised.
- Pet Health. Have a furry friend that feels like part of the family? Unfortunately, his illnesses or injuries are not covered under your Philadelphia homeowner’s insurance. What you need is pet insurance, which will reimburse you a percentage of your costs on surgeries, shots, and emergency care after you meet your deductible. This could prove beneficial, as unexpected vet bills can pile high quickly in an emergency.
- Flooding. A lot of new homeowners are surprised to find out that their Philadelphia homeowner’s insurance does not cover damage due to flooding. Purchasing flood insurance will cover both your home and your belongings.
Don’t Be Caught Underinsured!
These are just three areas where you may now realize that you do not have enough coverage from just your Philadelphia homeowner’s insurance. If you’re looking to purchase higher limits in certain areas of your homeowner’s insurance, or if you need separate policies for certain coverage, do not hesitate to contact the experts at Insurance Shops, servicing the Philadelphia area. We have over 25 years of experience and want to provide you with the best priced products to meet your needs. Call today!
