As a homeowner, there’s a lot to consider when it comes to protecting your valuable assets with home insurance. Along with the standard coverage that insurance carriers offer, there are also specialized coverages available that can tailor any homeowner’s insurance policy to better fit their needs.
If you take the time to learn about the coverage options available to you, you’ll have a better understanding of your coverage in no time.
The Importance of Home Insurance
Buying a home can feel chaotic. Due to all of the deadlines, reports, and back and forth trying to get the deal done; often, the process can be overwhelming. As a result of the overwhelm, homeowners may be tempted to brush off the home insurance process. In an attempt to get it over with, or because the importance of home insurance hasn’t been expressed.
Unquestionably, a lot of hard work goes into purchasing a home. If something catastrophic happened to it, then it would likely take a lot more work to repair or replace it. For that reason, insurance exists. To indemnify, or “compensate,” someone for their loss.
After all, a homeowner faces several risks. For example, fire, explosion, windstorm, hail, and other unpredictable acts of nature, not to mention legal liability lawsuits.
Be that as it may, the tricky thing about insurance is that you don’t get to experience what you purchase unless, and only until, a loss happens.
Because people don’t tend to use their home insurance right away, it’s imperative that every homeowner pay good attention to the coverage selections they make during the purchase process. Otherwise, the homeowner could be left footing a large bill and wondering where they misunderstood.
Endorsements for Every Homeowner
An endorsement, in basic terms, is a policy add-on. Provided that the homeowner pays an additional premium, the insurance company adjusts or adds wording to the homeowner’s insurance policy to broaden the coverage in that area.
Furthermore, endorsements exist so that insurance companies can still accommodate, even in situations that call for unique coverage.
Home Insurance Endorsements to Consider
Each insurance company will be slightly different, but they may share quite a few similarities, too.
To illustrate, here’s a list of some endorsements that the majority of standard insurance companies offer. Every homeowner should consider:
- equipment breakdown coverage – for appliances and other equipment in your home
- buried utility lines coverage – for the lines that go from your street to your residence
- foundation/slab buyback coverage – for your concrete slab or foundation
- personal injury coverage – liability for libel and slander
- personal property schedule – for your high value/collectible items (jewelry, watches, furs, firearms, etc)
- ordinance or law coverage – for loss caused by enforcement of laws or ordinances regulating construction and repair of damaged buildings
To clarify, your home insurance policy, coverage, and endorsement options may vary. Always speak with a licensed insurance agent for a thorough review of your coverage.
Our Insurance Companies & Unique Endorsements
At Turpen & Associates, we are appointed with many A+ rated insurance companies. As a result, our selection of companies offers numerous unique endorsements, allowing us to better tailor insurance coverage for those that do business with us.
To name several, we offer Acuity, Progressive, Allstate, Liberty Mutual, State Auto, and Hippo. Because we have access to so many different companies and their unique endorsements, we have the ability to find you coverage for the following scenarios:
- home-based business
- storing personal items in a storage building away from your home
- liability coverage for land away from your covered residence
- home sharing/short term rentals (Airbnb/VRBO)
- extended theft coverage
- other structures on your property that you rent to others
- special computer coverage
- student living away from home
- water backup
- water damage
- special perils on your personal property
- and more!
We have quality options for homeowners with our countless endorsements provided by our trusted insurance companies. No matter how uncommon the situation may be.
Call Turpen & Associates for Home Insurance
In conclusion, every homeowner needs to understand their insurance. Check out this Homeowners Insurance Guide on the Texas Department of Insurance’s website for more helpful information.
When you dedicate time to learning your coverage options, you have better peace of mind. Don’t make the mistake of skimming through the home insurance purchase process. Make sure you have broad coverage and take advantage of endorsements. For more information, a review of your current policy, or a comparative quote, give us a call and speak with one of our licensed professionals. We would love to help!
