A personal Insurance Update
People buy insurance to protect their assets from loss. Typically, that includes homeowner’s insurance, auto insurance, life insurance, and a personal health policy. However, there are other kinds of personal insurance that you may not have considered. A balanced personal insurance program may consist of some of the following kinds of coverage.
Earthquake or flood insurance. Depending on where you live, you may need to consider this kind of disaster insurance.
Home-based business insurance. If you operate a business from home, your homeowner’s insurance will not cover this. You will need a business insurance policy.
Sewer backup coverage. Your homeowner’s insurance will cover water damage from a cracked pipe (per the terms of your policy), but if your sewer is backed up from outside your home, you may have a gap in coverage.
Personal umbrella. A personal umbrella policy will provide limits of coverage over and above your homeowner’s and auto insurance. If you own a boat, pool, ATV, or own your home, you may want to consider a personal umbrella policy.
Identity theft. Identity theft insurance covers your out-of-pocket expenses such as legal fees and other expenses to clear up your personal records.