homeowners-insurance Have you reviewed your homeowners insurance coverage lately?  If you purchased your insurance in a bit-by-bit fashion, chances are you're not properly covered.  These tips courtesy of Fox Business offer insight into correctly protecting  your assets.

Tip #1: While homeowners policies cover fire and storm damage, flood insurance is not automatically included.  Consider adding this to your policy regardless of where you live.  Check out Floodsmart.gov for details on government flood insurance.

Tip #2: Working from home necessitates what’s called an “incidental occupancy endorsement.”  This addition to your policy will cover any injuries to those who are on your property specifically for business purposes.  At only $30 per year it’s a worthwhile and inexpensive investment.

Tip #3: Standardize your liability limits on each of your insurance policies to at least $500,000. If there are assets you are concerned about losing in the instance of a lawsuit, adding a $1 million "umbrella" policy at $200 per year will provide you with an extra layer of protection.  Rest assured knowing you would be able to cover any subsequent medical bills, lost wages and charges for pain and suffering if need be.

For more tips on purchasing insurance, check out this Fox Business article.

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