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Endorsements And Additional Policies Homeowners May Need

  • By Admin
  • 08 Nov, 2017
Flood insurance is something that very few homeowners are required to purchase. These are homes that are located in areas designated as 100year flood plains and have a one percent annual risk of flooding. Every year homeowners unexpectedly lose their homes to floods in areas outside of these flood zones. A small investment makes certain that no one has to worry about uncovered flood damage. This type of coverage is probably the most well-known additional coverage homeowners need, but it is not all that exists. Here are some facts homeowners should be aware before they shop for insurance.

Flood zone designations are not always accurate. 

The U.S. Government's National Flood Insurance Program (NFIP) is not updated enough to account for changes in the weather due to climate change or how runoff occurs as areas develop. This could lead many people to have a false sense of security that their home is not at risk. When inaccuracies are discovered in the mapping of flood zones FEMA has issued amendments, but the maps are not always changed. Take into consideration any powerful storms or flooding that have occurred over the last few years in the neighborhood or town and the proximity of waterways around the residence before deciding flood insurance is not needed.

Basic homeowner's liability insurance may not be enough if losses happen during an event. 

Special events like weddings and large anniversary parties may require additional coverage if something like an injury or fire happen during the event. Special Event Insurance, a wedding policy or even a Host Liquor Liability policy may be needed. These policies protect the host or hostess from financial losses, but they are only for personal events and do not cover for-profit parties. Venue owners may also request their client purchase these policies.

Endorsements cover specific concerns for many homeowners. 

A homeowner's policy will not cover all property or all damages. Special endorsements added to the insurance policy provide an additional safety net to the homeowner. Some examples include coverage for homes with sump pumps, for owners with expensive art or jewelry collections or coverage for electronics damaged during a power surge. It is important to mention this type of property ownership to an agent when purchasing a policy to avoid a loss if the basic policy purchased does not provide coverage.

Floods are not the only natural disaster with special insurance coverage. 

Wind damage in areas where high winds are common may require an additional endorsement or policy for reliable coverage. Homes built on hillsides or along coastal regions where high winds are common may experience this type of damage regularly and have a difficult time getting their claims approved. Earthquake policies are also available for anyone with a concern about the potential for this type of event in their area.
There are many things a homeowner's policy will not cover. A common example is an independent contractor hired to work on a home.

Homeowners should always make certain contractors carry their own insurance for the protection of themselves, their employees and any potential accidents or damage they may cause during the course of their work. However, insurance policies also cover a lot of extras that people may not expect. This includes damages from a dog bite even if the pet was off the property at the time, or the fees of an interior designer if one was used before a home is damaged.

At Finley Pinson Insurance we understand that insurance is about peace of mind and financial security. Our clients work hard to purchase their homes, vehicles and businesses and we want to help them make certain they are fully protected. Contact us to learn more about the types of insurance and endorsements that are available to area residents.
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