Homeowners insurance exists to mitigate your losses in the event of an accident on your property or damage to your home. It is intended to provide compensation for the value of your home and belongings so that you can replace and rebuild after a catastrophe.
However, some things are not covered under your homeowners policy. If these things are enough of a risk to you personally or the area you live in, it may be time to consider adding a secondary policy to your homeowners insurance to cover more possible events.
With the growing fire seasons in California, many homeowners are looking for ways to make sure they are covered in the event of a wildfire. Homeowners insurance does typically help with the destruction caused by fires, but you can add additional wildfire policies to your insurance.
Some of these policies may help cover property outside of the dwelling and the cost of living while a home is rebuilt. Being prepared for wildfires is one of the best ways to prevent devastating loss.
It’s hard to believe that earthquakes aren’t covered by homeowners insurance in California. Every year, over $3 billion of damage occurs due to California earthquakes.
You can add earthquake insurance to help mitigate the costs of disasters and replace your personal property. Given the expensive damage to homes caused by earthquakes, this is well worth investigating.
Illegal Apartment/In-Law Apartment Insurance
You may have heard that your homeowners insurance will not cover an illegal apartment rental in your one-family home. This isn’t quite the truth. Because it is legal to have roommates who pay you rent, the illegal apartment does not come into play.
However, you should let your agent know about your roommates. Your homeowners insurance may not cover if an accident happens to them without an additional policy. Furthermore, their property is not necessarily covered under your policy, meaning they need renter’s insurance or you need an additional policy that covers them. Protect yourself from a lawsuit by having enough insurance to cover a roommate’s injury in your home.
Similarly, in-law apartments may require some additional policies. This depends on how separate the dwelling is. If it is more like a duplex with separate utilities, you will likely need additional coverage. However, if the homes are less distinctly divided, this is a gray area you should discuss with your insurance agent.
If you are concerned about your homeowner’s insurance coverage, check-in with R&R Property & Casualty Insurance Agency to see what your coverage includes. Reach out at 760-244-5684 to see how we can personalize your policy for peace of mind.