When it comes to your home, it’s important to have adequate insurance coverage in case of an unforeseen event. Home insurance can help to protect your investment and give you peace of mind in knowing that you’re prepared for the unexpected. However, many people don’t realize the importance of having adequate coverage until it’s too late. By taking the time to review your coverage, you can be sure that you have the protection you need in case of an emergency. Here are some types of insurance coverage you probably didn’t know you need.
Excess Flood Insurance
Homeowner’s insurance policies typically cover damage caused by fires, severe weather, and other events beyond your control. However, they don’t always cover damage caused by floods. If you live in an area at risk for flooding, you may need to purchase a separate flood insurance policy to financially protect yourself in the event of a flood. While flood insurance can be expensive, it’s often worth the peace of mind that comes with knowing you’re covered.
Workers’ Compensation
Workers’ compensation is a system of insurance that provides benefits to employees who are injured or become ill as a result of their job. Household employees, such as nannies, housekeepers, and gardeners, are typically covered by workers’ compensation insurance. If an employee is injured on the job, workers’ compensation will provide them with financial assistance to help cover medical expenses and lost wages.
Jewelry And Collectible Coverage
You may have jewelry or other collectibles in your home that you would like to insure in the event of loss, theft, or damage. While your homeowner’s insurance policy may provide some coverage for these items, it is important to understand the limitations of this coverage. For example, most policies have a limited amount of coverage for theft, and they may not cover damage caused by accidental dropping or careless handling. In addition, many policies will not cover items that are kept in a safe deposit box or other storage facilities. For these reasons, it is important to consider purchasing a separate policy to insure your valuable jewelry and collectibles.
Cyber Insurance
As the world increasingly moves online, it’s important to make sure that your home is protected against cyber threats. One way to do this is to purchase cyber insurance. Cyber insurance policies typically cover expenses related to data breaches, cyber extortion, and identity theft.
An Umbrella Policy
An umbrella policy is a type of insurance that provides additional coverage beyond the limits of your standard homeowner’s policy. Umbrella policies typically cover a broad range of risks, including liability for personal injury or property damage, as well as certain types of legal expenses. As a result, an umbrella policy can offer valuable peace of mind in the event that your home is damaged, or you are sued for damages.
However, it is also good to pair your insurance coverage with a solid asset protection plan so that you are not making yourself a target with too much coverage. Essentially, a massive insurance policy can make you more attractive to lawsuits to those who might seek out the generous policy pay-outs. Balance is critical when using insurance paired with asset protection tools such as an LLC to protect your assets. As a responsible property owner, you want to do everything you can to protect your investment. One way to do this is to make sure you have adequate coverage in case of damages. That’s why increasing your coverage is a form of asset protection. By getting more coverage, you’re ensuring that your property is better protected in the event of an accident or other unforeseen circumstance. If you’re interested to learn more about asset protection, Protect Wealth Academy provides you with a variety of options to educate yourself on this topic. Our webinars, educational events, and videos will help you create an optimal plan.
