Many of us (I mean, hardly ANY of us) have taken the time to actually read our homeowner’s insurance policy. Maybe we may have STARTED to read it, since we felt that knowing what was in our policy was a pretty important thing. I’ll tell you, that even for a hard-core insurance guy like me, slogging through all of the “who is an insured,” and “what is a contract,” and “time is of the essence” stuff in the insurance contract, well, it can get a little mind-numbing......
There are, however, little tidbits in the homeowner’s insurance contract that I’ll bet you didn’t know about. Items that could provide you with coverage in places and situations that you least expected! I’ll go over three different coverages that you may very well find yourself needing at some point in your life. First of all, your homeowner’s insurance policy could extend liability to another location. For example, if you were to buy a home in another part of the state, like in the mountains, and could only get a California Fair Plan policy, your homeowner’s insurance could be amended to provide liability to that location. In many cases, at absolutely no extra charge, or for very little charge. This is a huge amount of potential savings to you and your family! Call your insurance agent to make sure this coverage is included. Secondly, hall rental is probably covered by your policy. As some of us get older, we start facing the prospect of our kids getting married. Without opening up ANOTHER can of worms, insurance-wise, I’ll stick to talking about facilities’ rental. Most facilities require that you provide at least $1,000,000 worth of liability coverage prior to using their hall. If you were to get this coverage out on the open market, the cost would be around $150 per event: per location! Your homeowner’s insurance policy can most likely be temporarily tailored to accommodate the $1,000,000 requirement for just pennies a day. I have actually had policyholders tell me AFTER the wedding that they had paid close to $200 for event insurance that I could have provided for almost free. Yes, your homeowner’s policy can do that! Finally, your policy covers Additional Living Expenses. Did you know that your policy could provide you with a place to stay EVEN if absolutely nothing has happened to your house? This recently happened to a couple of my insureds. There were fires all around their neighborhoods, and the local law enforcement and fire departments had ordered residents to voluntarily evacuate. One of my insureds was hesitant to leave because it would have cost a large amount of money to get a hotel room. I called them personally to inform them that their policy would provide Additional Living Expenses (ALE) coverage EVEN IF nothing had happened to their home. All that was needed was an order from the Civil Authority to evacuate. Bottom line, the insurance company doesn’t want to have anybody in the home getting in the way in the event of a large-scale fire or incident. There you have it! Three different coverages that are provided at little or no cost to you, all included! To find out what additional coverages might apply to you, please give or office a call at (661) 946-4224 or email me at dave@thedaveowens.com. This article obviously does not take the place of speaking with a licensed professional about your policy. Make sure you look at your individual policy to see what is specifically covered.
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AuthorDave Owens, Owner/Agent. I have proudly served in the Insurance Industry for over 20 years. Archives
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