You already know that when you are buying a new home, you need to have a homeowner’s insurance policy. It’s one of the conditions of buying a home and getting a loan most of the time. The lender wants to be sure that the property is protected, so they require that you have the minimum required insurance. Most homeowners simply leave it at that, feeling that they have all of the coverage and protection they need. However, what they don’t know is that the policy could offer some false sense of security. This is because it does not always cover as much as you might think. Here are some things that a normal policy will not cover.
The policy doesn’t cover floods. In areas where there is a high risk of flood, it is mandatory to have additional flood insurance. However, Grand Junction doesn’t really suffer from bad flooding. This doesn’t mean that it couldn’t happen to you though, so it’s still a good idea to get flood insurance just to be on the safe side. In addition, your general policy will not provide you protection from earthquakes. Fortunately, this isn’t something that you will generally need to worry about in Grand Junction.
If you run a business from your home, be aware that your homeowner’s insurance policy will only offer limited coverage for your business equipment. You will also not have any liability coverage for your business. It is generally a good idea to get some additional insurance specifically for businesses run out of the home.
These are some of the things that you might not have known your insurance policy didn’t cover. Just make sure that you take the time to read your policy carefully to know what other types of coverage you might not have. Once you buy a beautiful home in Grand Junction, you want to take care of it the right way, and that means insurance!