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Understanding Homeowner’s Insurance Gaps and How to Fill Them in Boulder, CO


Owning a home is a significant investment, and homeowner’s insurance is crucial for safeguarding that investment. However, not all scenarios are covered by a standard policy, and it’s essential to be aware of these gaps to ensure comprehensive protection.

  1. Floods

Many homeowners are surprised to learn that standard home insurance doesn’t cover flood damage. To fill this gap, you can work with insurers underwriting their flood policies or those partnering with the National Flood Insurance Program (NFIP), managed by FEMA. NFIP coverage has limitations, and for broader protection, private flood insurance is recommended. Neptune Flood Insurance is a reputable choice offering high coverage limits and widespread availability.

  1. Earthquakes

Earthquake and landslide damage is typically excluded from homeowners insurance. Buying a separate earthquake insurance policy is essential for rebuilding your home, replacing belongings, and covering living expenses during repairs. While earthquake insurance availability varies by state, in California, insurers are required to offer it.

  1. Jewelry and Valuables

Standard policies have limits on coverage for valuable items like jewelry and silverware. Theft coverage for jewelry, for instance, is often capped at around $1,500. To protect items exceeding this value, you can increase your policy limit, schedule each piece with separate floater policies, or opt for standalone jewelry insurance. Jewelers Mutual and Chubb’s Jewelry Insurance are reputable providers offering specialized coverage for high-value items.

  1. Home-Based Businesses

Homeowners insurance provides limited coverage for business-related equipment, usually around $2,500. If your home-based business assets exceed this amount, consider a Business Owners Policy (BOP). Nationwide, Auto-Owners, and Travelers are recognized for small business insurance, offering comprehensive coverage for commercial property, liability, business income, and equipment breakdown.

In conclusion, while homeowner’s insurance is a vital shield for your home and belongings, certain scenarios require additional coverage. Recognizing these gaps and taking appropriate measures ensures robust protection against various situations that may not be covered by standard home insurance policies.

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