Each year at your homeowner’s insurance renewal, you receive a renewal policy and packet from your insurance company. That’s normal. But…here’s the question: are you actually reviewing these?

I would venture to guess most people pay their renewal bill and put them away. Here’s the thing, though…if you do this, you might be missing the “new coverages” that insurance carriers are offering that aren’t covered under a standard homeowner’s policy.

Knowing that, here are some of the new coverages we are seeing offered from insurance carriers. Keep your eyes out for these same things!

Equipment Breakdown Coverage

Equipment breakdown coverage doesn’t cover wear and tear issues, but it can provide coverage for “out of the blue” sudden and accidental breakdowns for the systems that run your home.

Here are a couple of examples of breakdowns this would apply to:

Scenario 1: Your air conditioning compressor seizes, but the replacement part is no longer available. So, you have to order a new unit. This is covered.

Scenario 2: A pool heater switch malfunctions and causes overheating. This is covered.

Cyber/Identity Theft Coverage

This type of added coverage can give you the following benefits:

• Coverage if a credit card transaction, bank payment, or wire transfer is made without your authorization
• If you are deceived into making a payment or providing something else of value
• Credit monitoring after an attack

Service Line Coverage

Service line coverage offers protection to cover the cost of the repair to damaged exterior underground service lines. It covers physical loss or damage, excavation costs, and loss of use of your home. It also covers costs to pay for outdoor property, including lawns, walkways, driveways, shrubs, plants, and trees.

So, there you have it! Three coverages you simply may not know about or have heard about because they are “new coverages” that insurance carriers are offering separate from your standard homeowner’s policy.

And, just in case you’re wondering, these coverages are offered on new business or renewals.

If you have any questions, don’t hesitate to reach out. In the meantime, be sure you’re reviewing those renewals closely so you don’t miss out on something awesome!