Homeowners insurance is important to protect what for most people is their most valuable asset and largest investment. Unfortunately, many people are underinsured and don't realize that it can be detrimental until it's too late. A catastrophic event or another emergency might force them to spend money to pay for things their insurance doesn't cover. Here's how the right homeowner's insurance can protect you in the event of an emergency.

Modify Coverage for Unique Perils

Many homeowners mistakenly think a standard homeowners insurance policy fully protects their home and its contents. In most cases, they are wrong. According to Quicken Loans, more than half of the nation’s homeowners don’t have the home insurance coverage needed to replace their homes and contents after catastrophic losses. Instead of taking chances with insufficient insurance protection, you can have an insurance producer review your policy and identify weaknesses you can fix with insurance riders for emergencies.

Cover Living Expenses

Floods, tornadoes, and hurricanes are common examples of catastrophic events that force people from their homes or temporarily render them uninhabitable. Earthquakes, environmental disasters, and gas line ruptures are also common examples. The cost of renting a hotel room or buying fuel to travel to stay with relatives might be covered by home insurance.

Recoup Losses From Power Outages

When a power outage lasts more than a day, you might need to leave your home until the power is restored and obtain temporary lodging. While you are away, any perishables you might have in a refrigerator or one or more freezers could go bad. The lack of power also might trigger other losses, such as a flooded basement, because there is no power to make your safety systems work. A home insurance policy might compensate you for damaged goods, including food that goes bad.

Replace Belongings and Valuables

A basic homeowners insurance policy only offers nominal coverage for belongings, such as furnishings, electronic equipment, or clothing. High-value items, like artwork, precious metals, and antiques, generally aren’t covered beyond a nominal amount for all your belongings. You can obtain replacement value or market value coverage that does a much better job of protecting your high-value belongings and furnishings.

When you need to ensure your home insurance fully protects your home and family, you can call or visit us to learn more and ensure you have the coverage you need. Our team of professionals are happy to help you. If you’re feeling overwhelmed by the options and criteria, don’t hesitate to speak with one of our team members at Wilcox & Reynolds Insurance today.