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Optional Insurance Coverage

Optional Insurance Coverage

Recently one of our clients discovered that he did not have insurance for something he thought his premiums paid for. What a disappointment! It would be wise for everyone to review their policies and look for the following optional coverage you might want to consider. Here are a few:

Guaranteed Replacement Cost Coverage. This is insurance coverage that pays to replace your home even if the loss exceeds the policy limit.

Inflation Guard Endorsement . Since the replacement cost or your home is increasing with inflation so will your policy limits. This coverage periodically increases to maintain your coverage.

Mold Coverage. Most insurers (with the exemption of State Farm which does not) offer a limited amount of mold insurance in the policy. You can usually increase this with a simple and inexpensive endorsement.

Earthquake insurance. Yes, with the exception of Arizona which deals with other issues, every State is subject to a potential earthquake as we have seen recently in Oklahoma. Earthquake insurance is normally issued as an endorsement and attached to your home insurance policy.

Flood insurance. Standard home insurance policies do not cover flood damage although we recently helped an insurance consumer who had purchased a flood insurance endorsement as part of her policy. The next best option, and it is an inferior one, is to get a policy through the National Flood insurance program (NFIP). Your agent can help you do this. The NFIP Claim process is so flawed that we do not take NFIP claims any longer but hopefully you might fare well with this very difficult government insurance on your own. After all, as bad as some things are, they are generally better than nothing.

Increased limits on Money and securities. This endorsement increases the coverage on money, bank notes, securities and deeds.

Scheduled Personal Property Endorsement. This endorsement is sometimes called a “personal article floater”. A personal article floater covers things of value you own that might exceed coverage policy limits, such as a Rolex watch or your stamp collection or your fur coat. We have such an endorsement for a painting we own. There is typically no deduction applied to this coverage.

Theft Coverage Protection Endorsement. As a result of this endorsement, your theft protection is broadened. Theft claims are one of the most difficult claims that Brown – O’Haver works. The contents of your motor vehicle or watercraft without proof of forcible entry would be covered but such coverage is not generally available to all policies.

You can insure most anything. Rumor has it that Mariah Carey insured her legs for 675 million dollars! Look at your policy closely to see what is insured. Get a good insurer and only pay for what you need. Look for the policies with similar coverage that costs the least amount of money. If you have any questions, call Brown – O’Haver and ask an adjuster for an opinion. We love to give opinions and welcome your calls.

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