How you can extend your homeowners insurance coverage.
As a homeowner, you know that you can rely on your home insurance policy. Unfortunately, your policy cannot offer you all the coverage that you need. Oftentimes homeowners need to secure additional coverage through policy endorsements. But what exactly is an insurance endorsement, and how do you know which ones are right for you? Here’s what you should know.
Knowing Your Policy’s Limits
Before you consider your insurance endorsement options, you need to understand the limits of your coverage. Typically, homeowners insurance policies exclude coverage for the losses related to the following:
- Flood
- Business Equipment
- Earthquakes
- Valuable Personal Property
- Future Assets
- Damage from War
- Pollution
- Nuclear Accident
- Intentional Damage
- Normal Wear and Tear
- Construction Defects
What is a Policy Endorsement?
An insurance endorsement, also known as a rider, adds coverage for perils not automatically included in your policy. With an endorsement, you can extend your coverage to specific losses for an additional premium. Please note that certain perils cannot be covered by an endorsement. For instance, if you want to secure coverage for flood damages, you would need to secure a separate flood insurance policy.
Common Home Insurance Endorsements
Here are some of the most popular types of insurance endorsements that you should consider getting.
- Earthquake- Pays for repairs to your home and other structures on your property after an earthquake. This endorsement can also cover the cost of bringing your home up to code and other expenses such as debris removal.
- Sewer Backup- Pays for the repairs and remediation efforts your home needs if you suffer water damage due to a sewer backup.
- Scheduled Personal Property- Pays to repair or replace valuable items that exceed the coverage limits of your home policy. For instance, this endorsement can cover things like jewelry, electronics, fine art, etc.
- Home Business Endorsement- Covers your home business equipment, supplies, and legal liability.
This is what you need to know about homeowners insurance endorsements. Do you have further questions regarding your home coverage? If so, then contact the experts at Pierce Insurance Group. Our dedicated team is eager to assist you with all your coverage needs today.