Purchasing homeowners' insurance is a necessity that comes with buying a house. While it does represent an additional expense, it's important that you look at all of your options instead of just going with the cheapest policy available. Your specific situation might require that you get coverage for some things that might not be available in a basic homeowners' policy. Here are 3 additional types of property insurance that you might want to add to your existing homeowners' policy.

Purchase Floater Policies for Unique or Expensive Items

Do you own a lot of big-ticket items? Or maybe you have an extremely valuable antique collection? Whether it's your big screen television or your grandmother's jewelry, you should check your policy and see if there is a limit on how much you can be paid out for any particular item. If there is a cap, most insurance companies will let you add what's called a "floater" to your policy. A floater will cover the full cost of the item that is being insured if something happens. Some floater policies will even reimburse you if the item is lost. It's important to get an appraisal of the item before purchasing the floater policy so there is no dispute if you need to collect.

Earthquake and Flood Coverage

Most basic homeowners' policies are not going to cover natural disasters like earthquakes and floods.This is because for a lot of people, earthquakes and floods are just not very likely events. But if you live in an area that may be prone to one or both of these natural disasters, you should read the fine print on your current policy and see if you're covered. If not, reach out today and see how much it would cost to add a new policy that offers extra protection from most natural disasters

Add an Umbrella

No, this has nothing to do with the weather. An umbrella policy adds extra liability coverage on top of what your basic plan offers. Most homeowners' insurance policies hit a cap on the amount they will pay out if someone is injured while on your property. This likely wouldn't cover you if you were to be sued for say, a million dollars in punitive damages. An umbrella policy can offer extra coverage, and the additional monthly cost won't be too dramatic.

When purchasing homeowners' insurance, always read the fine print and see if there is a cap on certain types of coverage. These policies can provide extra protection for everything from natural disaster to liability coverage. Talk with your insurance agent today for more information.

For property insurance, contact a company such as Scovotti Insurance.