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Florida Home Owners Insurance Riders
Ask your Homeowner’s insurance agent to go over the policy with you to make sure you understand it and determine if you have the right kind of coverage or not. You might just find out that you don’t have enough coverage and may need to add optional coverage for hard to replace or valuable items. This is type of coverage is known as an insurance rider.
An insurance rider is additional insurance coverage that a basic home owner’s policy doesn’t include. Your current policy may exclude or have limited coverage on valuable items such as jewelry, antiques, silverware and office equipment. If you’re like most people, the data on your computer or laptop is priceless. Back up regularly and put your back ups in a safe place. Look into personalized computer insurance. If you work from home, your employer may offer to pay for it.
Adding an insurance rider will replace stolen or damaged items that a standard policy won’t. But not all items are considered the same, so individual policies may be necessary. While a basic Florida home insurance policy will cover jewelry up to $1,000, and only if it’s damaged in a fire, flood or other type of disaster. It will not cover theft. Look into individual policies for the valuable items in your home.
If you have expensive jewelry, antiques, oriental rugs, or artwork, it may be to your advantage to obtain additional insurance. Make sure to create an itemized list of your valuables with their accessed value and take a picture of each item in case you have to make a claim. Keep that list along with any appraisals in a safety deposit box. Reduce your risk and you may be able to get a substantial discount on your Florida homeowners insurance rider if you have a home alarm security system, safety deposit box or fire proof safe. Have your valuables reassessed every year or so since they may go up in value.
Other items that may be limited under your current homeowner’s policy:
- Boats
- Furs
- Securities
- Valuable papers
- Cash
- Data recovery for computers
Once you’ve determined the type of additional coverage you need, obtain a quote from your current insurance agent and then compare. You can still keep your basic policy with the same company if you’re happy with their service. And may be able to get a good rate on additional coverage since you’re an existing customer, but you may want to look around and use another company for your rider insurance.
Take the time to understand your policy and determine if you’re fully covered. Don’t wait until you have an actual loss to find out you should have added a rider to protect your valuables.
About the Author
Donald Penske is an insurance agent in the state of Florida and he helps his clients get the best rate for Florida Home Insurance . He uses RateElert.com, a site that allows him to combine the power of the internet to match the best rate for home insurance for his clients.