You can get additional homeowners insurance coverage if you need a higher liability than what is offered in the standard policy or for specific items of value. Some insurance companies allow you to just pay an additional premium on your policy to take care of the additional coverage, while other insurance companies require you to take out an additional policy. In either case, you can purchase additional homeowner insurance only when you reach your maximum liability limit on your standard policy.
An umbrella policy, or excess liability policy, is a type of an additional insurance policy that defends against libel, slander and invasion of privacy above the standard homeowners insurance. The more regular insurance coverage you have, the cheaper the umbrella policy will cost. For example, it can cost from $200 to $350 for an additional $1 million of extra liability coverage.
In addition, there are policies that include a special personal property floater, which insures expensive items on an individual basis. There is no deductible for these items and the premium rate depends on the item's replacement cost. An appraiser determines the item's worth based on its receipt and where you live. Expensive items that you often travel with, such as diamond rings, video cameras and laptop computers, ought to be covered under this type of special insurance.
While the standard insurance policy covers structural damage to the home, it does not include natural disasters, such as an earthquake or flood. If you happen to live in a danger zone, it's worthwhile to invest in additional insurance to protect your home from disaster. Homeowners insurance for natural disasters would be helpful if you need to remove a tree trunk from your roof after a hurricane or replace your water-logged furniture after a flash flood.