Is a Basic Homeowners Policy Enough for You?

Ever heard the saying “Change is the only constant thing in life”? Well, don’t be surprised that this also applies to insurance, especially to the homeowners’ insurance policy.

Over time, things change dramatically after a house has been purchased, furnished, and occupied. It is important that as a homeowner grows, whether career-wise or financially, their insurance policy should also grow with them. This will help in avoiding expensive gaps in coverage and out-of-pocket expenses in the event of a claim.

Options for Flexible Homeowners Insurance Policy

Several options for a homeowners policy are always offered to customers who may benefit from the additional coverage. Customers having expensive/valuable properties, custom-built homes, additional risk exposure, or who wish to rebuild their homes for costs ranging from five hundred thousand to three million dollars are advised to get additional homeowners insurance policy.

Some of these options that are sure to provide affordable and required coverage without complications include:

  • Extended Dwelling Coverage: This is for those who wish to rebuild or reconstruct their homes, as full reconstruction costs aren’t always the same as the market value. This additional coverage will help rebuild your home if the cost of reconstruction changes and increases more than your existing policy limits. The added advantage to the extended dwelling coverage is that debris removal costs, contractor bills, construction fees and permits, architect’s fees, and other expenses may be covered.
  • Law Coverage or Building Ordinance: It can be a hassle if you need to rebuild or repair your home due to a covered loss because of the laws or regulations to build according to the current building codes. However, law coverage or building ordinance will help you cover this cost and save you from paying higher expenses than expected.
  • Replacement Cost Up-front Coverage: In case you do not wish to rebuild your home damaged due to a covered loss in the same location or environment, this coverage will help you cover the costs of applying for the purchase or construction of a new home in a new location.
  • Personal Property Replacement Cost Coverage: Losing valuable and expensive properties can be quite painful, and replacing them can even be more so. However, this coverage will help cover the cost of your valuable assets, be it jewelry, art pieces, electronics, etc., and there will be no deduction for depreciation. This means that you’ll have the opportunity to procure items that are similar or comparable to the ones you lost instead of having to get a lesser valued item.
  • Personal Offense Coverage: This coverage will help protect you against legal-related issues like libel, slander, defamation of character, invasion of privacy, etc.

You must stay updated with your homeowners’ insurance policy to be fully aware of any changes that might be required later. Whatever the case may be, VGW Insurance offers specialized insurance coverage to protect you as a homeowner. Contact us today and get a quote online. For more inquiries, our agents are available to help you.