What Is Supplemental Property Insurance

Supplemental property insurance is a type of insurance that provides coverage beyond what your standard home insurance policy offers.

It can help you pay for damages or losses that are not covered by your regular policy, such as floods, earthquakes, and more.

Supplemental Property Insurance
What is supplemental property insurance: Photo courtesy (Insuranceblob.com)

Supplemental property insurance can also cover the full value of your valuable personal property, such as jewelry, or collectibles, that may have limited coverage under your standard policy.

Types Of Supplemental Property Insurance

Supplemental property insurance can help protect you from unexpected expenses not covered by your regular policy.

Depending on where you live and what kind of personal property you own, you may need supplemental property insurance for the following:

Floods –Flood insurance covers water damage caused by floods, which is not included in most home insurance policies.

You can purchase flood insurance through the National Flood Insurance Program (NFIP) or a private insurer.

Also read: what is an insurance exposure unit?

Earthquake –Earthquake insurance covers the cost of repairing or rebuilding your home after a seismic event, which is also not part of most home insurance policies. You can obtain earthquake insurance through a separate policy or an endorsement.

Landslide –Landslide insurance provides coverage for damages resulting from the movement of land due to heavy rain or erosion, situations that home insurance policies typically exclude.

You can buy landslide insurance as a separate policy or as part of your flood or earthquake insurance.

Sewer Backups -Sewer backup insurance protects against damages resulting from water or sewage backing up into your home from the public sewer system or your septic tank. Most home insurance policies do not cover this type of damage.

You can add sewer backup coverage to your home insurance policy as an endorsement.

Mold –Mold insurance covers the expenses associated with removing and repairing mold damage in your home. Most home insurance policies often exclude or limit coverage for such situations.

Supplemental Insurance
Supplemental Property insurance: Photo courtesy

You can purchase mold insurance as a separate policy or as an endorsement to your home insurance policy.

Identity Theft –Identity theft insurance covers the expenses related to restoring your identity and credit after someone steals your personal information, which is not covered by most home insurance policies.

You can buy identity theft insurance as a separate policy or as an endorsement to your home insurance policy.

Valuable Articles –Valuable articles insurance covers the full value of your valuable personal property, such as jewelry, or collectibles, that may exceed the coverage limits of your standard home insurance policy.

You can purchase valuable articles insurance as a separate policy or as an endorsement to your home insurance policy.

How to Get Supplemental Property Insurance

Reach out to your homeowners insurance provider to include additional coverage.

Consider purchasing a policy or endorsement to protect against specific risks or items not covered in your regular policy.

It might be necessary to compare quotes from different sources as well.

Conclusion

Supplemental property insurance offers a safeguard against unforeseen costs that fall outside the scope of your standard home insurance.

It encompasses protection for floods, earthquakes, landslides, sewer backups, mold, identity theft, and valuable items.

Reach out to your insurer or explore different options to secure this additional coverage.

 

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