What you probably do not know is that there is still much that you can improve on your basic policy. What is common about basic insurance policies is that they always have exclusions, that there are some things that they just don’t cover. Now if you want to have these exclusions included in your policy you can get an Extended Coverage (EC).
People often make the mistake of believing that having several kinds of insurance will ensure full coverage, but not many actually bother to read the details. An example we could give you would be a guy living near the sea who purchases a basic insurance which includes a rider for hurricanes, this ought to be enough, but what he hadn’t counted on is the flash flood brought about the hurricane causing considerable damage to his house, and to his surprise this part is not included in his policy.
Below are the things you can include in your extended coverage:
Floor insurance, check what kind of flooding may affect the area you live in Hailstorm insurance if you live in hailstorm country Earthquake insurance, this can happen to anyone Extended Title Insurance, for things not usually covered like encroachment issues and defective titles Extended medical insurance, if you have to get any major surgeries Extended dental insurance if your teeth requires some extra care
These are just some of the examples. The good thing is that you can specify which services you want to be included so that you can maximize your premiums.
And we’re not only talking about services here, when you get “Extended Coverage” you can also get bigger financial coverage. Nobody really thinks that they’ll get hit by an earthquake but it does happen; usually basic policies only covers your own dwelling and does not include damages done to belongings and accessory structures like a garage, if you’re going to need financial assistance for these things then it would be better if you get an Extended Coverage.
Extended coverage would be a necessity in areas that are prone to natural disasters, if you or any family member lives in this kind of area then you better get the coverage you need. For starters, familiarize yourself with your existing policy and know what’s covered and what’s not and how much you really need the provisions. You could also ask your broker to go through your policy with you, he may be able to see some details which you have overlooked, not to mention that he may also be consulting with other families in your area and may have some more inside information.
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Tags: affordable life insurance, car insurance, Extended Coverage Insurance, Home and Family, insurance, life insurance