Chances are your home is the single most expensive item you will ever purchase and your most valuable investment. Homeowners insurance covers the structure of your home and your property as well as your personal legal responsibility (or liability) for injuries to others while they are on your property.
Keep in mind that you’re covered for losses described in your homeowners policy, so it is important to familiarize yourself with your policy. All companies have some exclusions for propertry and liability. Let your agent know if you need coverage for specific types of loss (especially for high-value possessions). If the standard policy does not cover this type of loss, you may be able to add this additional coverage.
The premium you pay for your homeowners insurance depends on a number of factors, including the current rates of the insurance company, the type of policy, and the additional coverage which you may need to add. Homeowners policies do not cover flood insurance which is administered by the National Flood Insurance Program.
Although there are others, the typical supplemental policies are:
Valuable Articles/Floater - Policies to cover certain valuable scheduled articles, including jewelry, silver, fine art, guns, etc.
Umbrella - Policies that provide additional liability insurance to pay the excess liability beyond the liability limits of your concurrently existing homeowners insurance policy.