Backup of Sewage and Water Damage Coverage: Most of the home insurance policies do not include this coverage but as a rider it can be purchased . This won’t cover physical loss caused directly due to insurer’s negligence but covers water damage or sewage or drainage blockage resulting from floods.
Credit Card, Forgery, Fund Transfer and Counterfeit Money: This provides coverage to instances such as loss incurred due to forgery or theft, swapping of check, misuse of credit cards by an unauthorized person, funds transfer made electronically and many as such. This pays for the legal obligation up to a certain limit.
Personal Property Replacement Cost and Special Personal Property Coverage: This provides security for those losses incurred by personal property and gets paid only for it’s replacement cost but not the actual cash value. The Special Personal Property coverage on your home insurance policy covers all risks due to few named perils certainly with exceptions.
Any insurance company will be happy to assist you and guide you in knowing about your insurance policy, it’s terms and conditions much before you sign a bond with them. It is very important for any person to know about claim procedure, cancellation, renewal or issue of new policy. If any claim is made against your policy, it takes 45 days for the policies in effect to be canceled or renewed or even to increase premium. Claims has its own defined set of rules and conditions and it differs from one company to another. Make sure to check with your agent before you sign a bond and make a claim. If multiple claims are made then the companies may prohibit the surcharges. You can make claims on add-ons provided you have enough proof and help the insurance company with every required detail for the loss incurred.