Homeowners may think their policy offers coverage for all damages. This is a misconception and there are some key areas where you may need a separate policy or an endorsement to be fully protected.
The most common is flood coverage. Unless you can endorse flood on your homeowners policy, a separate flood policy is required. Coverage is available through the National Flood Insurance Program and is highly recommended. Most flood claims occur outside a high risk flood zone. Do not assume you cannot flood if you are not near a river or coastline.
Wind and hail damage can be included in your policy. Be sure this is offered. Wind and hail usually have a separate deductible and may work differently than other deductibles in your policy. This is an important coverage in Florida and other coastal states that experience hurricanes.
Personal Liability is a limited coverage on a homeowner policy. An umbrella policy will provide excess liability coverage. Situations such as hosting a party, owning a dog, having a swimming pool or hiring contractors can open the possibility of someone being injured in your home. An umbrella policy will provide the liability needed to protect your assets and protect you from lawsuits.
Homeowner policies are not warranty policies and do not cover wear and tear or appliance breakdown. Purchasing warranties on appliances can help offset the costs of appliance breakdowns.
Please consult with your insurance professional to be sure you are properly covered and protected.