Two Vital Coverages To Include In Your Home Insurance Policy

Carrying insurance is vital for so many of the most important areas of your life. You are likely accustomed to being sure to maintain medical, dental, and vision protection, but there are other forms of insurance that are just as essential if you want to guard yourself against the possibility of financial ruin. When you purchased your house, you may have taken out a basic homeowner's policy, but if you only carry bare-bones coverage, you could be putting yourself at risk. If you don't have the following protections in your homeowner's insurance policy, you might want to call your carrier and get them added right away.

Loss Of Use Coverage Helps You Save

If a fire were to break out on your property and leave behind so much damage that it requires months to repair it all, what do you plan to do for lodging? You might be able to stay with a friend or family member for a couple of nights, but if that person doesn't have a large home, the situation could get sticky very quickly. Trying to cover the cost of a hotel stay for an extended period of time is often pricey, and if you don't have a lot of money in your savings, this may not be an option for you. Including loss of use coverage in your homeowner's policy is a great way to make sure you always have somewhere to go in case of an emergency.

Loss of use coverage typically provides you with the funds you need to find alternate living quarters in the event a covered peril takes place at your primary residence. It's good to know you have backing, so if you ever have to temporarily relocate, you'll have the money to do so!

Replacement Cost For Your Valuables Is A Must

Insurance policies usually provide coverage for items that are lost, stolen, or damaged on one of two bases:  Actual cash value or replacement cost. Actual cash value factors in depreciation while replacement cost gives you back what you originally paid for the item. If you own valuables that you wouldn't want to actually lose cash on if they were stolen, make sure your policy has a replacement cost rider.

Having the right coverage gives you peace of mind and makes it easy to feel comfortable and assured. Beef up your homeowner's policy so you'll be ready to face emergencies with confidence.