Home Insurance Tips

So, you have bought your new home. You have moved in and unpacked. Surely you have insured your home and possessions, right? Of course you did, but there are more things to consider ensuring you, your family and your possessions are protected. Here are some other types of insurance that can compliment your home insurance policy and hopefully help reduce your home insurance rates in South Carolina.

Homeowners Insurance

Your mortgage lender most likely required you to purchase homeowners insurance coverage, but it is important to analyze your policy and check that you have enough coverage to adequately protect you for all possible losses. South Carolina homeowners policies set coverage limits for certain items like jewelry, so it could be wise to purchase separate endorsements or a floater if you feel that you may need more coverage for your valuable possessions in your home. Also, another important part of the home insurance policy to look at is if you have "replacement cost" coverage on your personal property.

Flood Insurance

Homeowners insurance does not provide coverage for flood damage in South Carolina. Residents who live near rivers, ponds, lakes on the coast should definitely purchase flood insurance protection. Even if your home is located in a low-lying area (near a creek or in a flood zone) it would behoove you to purchase flood insurance. Most South Carolina home insurance companies sell flood insurance as well, so check with your current company for a quote to see what your home insurance rates would be with flood insurance added to the policy.

Auto Insurance

There is a connection between home and auto insurance. If by chance you are in an auto accident that is caused by your negligence, all of your assets (including your home) could be inherited to liability claims if your claim exceeded the liability limits of your South Carolina auto insurance policy. It is recommended you re-evaluate the existing liability limits on your auto insurance policy to ensure you have enough coverage to protect your home. If you think you need additional coverage, you might want to check out buying a separate umbrella liability policy, which would pay for damages that surpass the coverage limits on your auto and or homeowners insurance policy. You can often times save money on your home insurance rates by combining your auto insurance with the same company your home insurance is with.

Disability Insurance

Many people would have a hard time making their mortgage payments if they were unable to work due to an accident or illness. Disability insurance pays you a monthly benefit to replace a portion of your income until you are able to work again. Many South Carolina employers provide disability insurance for their employees and if your employer does not offer disability insurance or if you are self-employed, you can and should buy an individual disability policy.

Life Insurance

Families who lose loved ones who were the primary breadwinners often struggle making mortgage payments. Life insurance can provide your family with the funds to pay off debt and help with the mortgage as well as replace a portion of your income. A lot of employers in South Carolina offer some level of life insurance coverage to their employees, the amount of coverage may not be enough to provide financial security to your family. It is best to consult an insurance professional to assist you with your family’s life insurance needs.