Are Homeowners Insurance Extras Worth It?

Posted February 16th, 2010
by Staff (no comments)

brokentvWhen you buy your homeowners insurance policy, you’ve got some choices. There are choices to make about how much of a deductible you want to have. There are choices about how much coverage you want, too. You can get the bare minimum insurance coverage you’d need to replace your home and your things in the event of a major disaster. You can also get coverage to include many more scenarios that aren’t covered with basic homeowners insurance.

Knowing what your options are will help you know if they’re worth the additional premium costs. Here are some of the extras you can get along with your homeowners insurance:

  • Emergency Response time. This kind of coverage provides quicker response in the event of an emergency that’s covered by your homeowners insurance. This kind of coverage can include a stipulation that a contractor will be within site within a certain number of days or hours to get started on repairs. This kind of extra coverage is only worth the money if you know for sure you have nowhere else to stay in the event of a problem.
  • Accidental damage. Your insurance covers some types of home accidents, such as a television falling off its stand and breaking. There are other things it doesn’t cover, such as carpet being destroyed by a spill or furniture being damaged when someone sits on it. You can add extra accidental damage coverage to most insurance policies. This kind of coverage is especially good for families with children or for households that have someone who likes to do home projects.
  • Personal property coverage. Your home insurance policy covers a standard amount for the contents of your home. However, depending on the kinds of property you own, you may need additional coverage. If you have a large investment in electronics equipment or computer equipment, for example, you may want to make sure you’ve got enough coverage to replace those items.
  • Legal service coverage. This kind of coverage will take care of the cost of defending yourself in court if there are legal issues related to your home. Some of the most common types include property disputes, personal residence disputes and personal injury cases. Be sure you know what your basic homeowners insurance does and doesn’t cover in this regard.
  • No claim discount protection. You get a bonus on the cost of your premiums if you haven’t had any homeowners claims. You can pay a little more each month in order to insure that, even if you do wind up filing a claim, you can still get that discount and keep your premiums at the same level.

Photo via schmilblick

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