Many people think that all insurance policies are alike and there is no need to understand the different kinds of coverage afforded by different types of policies. As professional agents, our job is to help our clients understand how the coverage we recommend can affect their risks and actually help them in the event of a loss.
We take the time to educate ourselves on your individual risks, and then design an insurance program to meet your needs. Here are examples of four insurance coverage options that you should consider. This coverage can apply to your home or business.
Business Income and Extra Expense (called loss of use on homes)
Business income insurance covers the loss of income that a business suffers after a covered loss, (fire, etc.), while its facility is shut down or in the process of being rebuilt.
Extra expense covers the additional costs, in excess of normal operating expenses, that an organization incurs to continue operations while its property is being repaired or replaced after having been damaged by a covered cause of loss.
For homeowners, the coverage will provide funds for temporary housing while your damaged home is under repair.
Equipment Breakdown (not often available for homes)
Equipment breakdown covers loss due to a mechanical or electrical breakdown of equipment, machinery, including photocopiers and computers. Coverage applies to the cost to repair or replace the equipment and any other property damaged by the equipment breakdown.
Water/Sewer Backup
Most homeowner’s and business insurance policies do not cover sewer backup unless specific sewer backup coverage is added to the policy, according to the Insurance Information Institute. A sewer backup can be caused by many factors (not including flood). Sewer backup can happen from any number of sources:
• plumbing or appliances
• severe weather or storms
• accidents
• infiltration
Building Ordinance and Law
Building ordinance and law covers losses caused by enforcement of ordinances or laws regulating construction and repair of damaged buildings. Many communities have building ordinances requiring that a building that has been damaged be rebuilt in accordance with current building codes rather than simply repaired. This can cause considerable additional expenses to a loss.
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