How policy endorsements help you supplement your existing homeowners insurance policy.
Just like all other types of insurance, your homeowners insurance does have a limit to its coverage. These gaps can leave you exposed to very serious risks. Fortunately, you have the ability to supplement your home policy by securing coverage though policy endorsements. But what are policy endorsements, and are they right for you? Here’s what you need to know.
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.
Many homeowners carry multiple policy endorsements so they can protect against different risks. Here are some of the most popular types of insurance endorsements that you may want to consider for yourself:
- 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.
- Secondary Residence Premises– Adds coverage for your vacation home or another secondary residence.
- Watercraft– Adds coverage for your boat. This endorsement will pay for damages incurred while the boat is docked and will cover liability and medical costs associated with a boating accident.
- Inflation Guard– Automatically increases your coverage every year to keep up with inflation.
- Personal Injury Endorsement– Increases your home insurance coverage to cover things like false arrest, wrongful eviction, slander, defamation, and advertising liability.
This is what you need to know about securing supplemental home coverage with policy endorsements. Do you have more questions about your homeowners insurance? If so, then contact the experts at Gant Insurance Agency. Our dedicated agents are ready to assist you with all your home coverage needs today.