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Understand What Additional Coverages Are Included

identity theft, building ordinance coverage, Data recovery coverage, work from home coverage, lakeville mn
Not all homeowners insurance policies are constructed the same. To understand how different policies compare, find out what additional coverage each insurer includes in its contract.

1. Identity Theft Coverage: In 2007, the average identity fraud amount was $5,720 per fraud victim, with an average resolution time of 25 hours per victim. Opt for identity theft coverage that provides coverage for both out-of-pocket indemnity as well as for reimbursable costs and expenses (e.g., lists wages, attorney fees, etc.).

2. Building Ordinance or Law Coverage: In many areas, building codes have changed significantly over time. Ask about coverage that provides additional insurance to cover the increased costs of repairs to your home as a result of changes in building codes.

3. Category Sub-limits: Many insurance policies have theft sub-limits for certain categories of personal property (e.g., jewelry, firearms, computers, etc.). Compare policy theft sub-limits for categories where you may have valuable person property. Consider whether you want to purchase additional coverages for these kinds of personal property.

4. Data Recovery Coverage: Replacing the hardware is only a small part of recovering from losses to computer and electronic equipment. Ask about coverage that reimburses some of the costs to recover your valuable files, software, images, or video stored on electronic data equipment after a covered loss.

5. Work from Home Coverage: Inquire whether the policy provides any coverage for business-use laptops, coverage to replace/restore valuable documents and papers, coverage for home-based business inventory, or coverage to protect electronic components from power surges.

If you have any questions regarding the content of this article or any other insurance related need, please contact Norm today at 952-929-8922, or at

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Norm Foster Insurance
Norm Foster, LUTCF • Agent
16372 Kenrick Ave, Suite 130
Lakeville, MN 55044
Phone: (952) 929-8922
Fax: (952) 223-2233