Do You Need Endorsements for Your Home Insurance?
Learn what a home insurance endorsement is and why you may need one.
While your home insurance is meant to protect you, a standard home insurance policy does have coverage gaps. For instance, while a standard policy will cover fire and storm damages, your policy won’t cover damage from floods, earthquakes, or vandalism. If your home needs more coverage, you might want to consider adding a home insurance endorsement.
What is an endorsement?
An endorsement (also known as a policy rider) is a way to add coverage for risks not originally covered in your homeowner’s policy. Normally, you can choose which endorsements to add based on your individual risk factors.
How do they affect my premium?
Additional coverage typically means additional cost. However, many homeowners find that the additional cost of an endorsement is a worthwhile investment.
Why should I consider one?
Having an endorsement provides you with greater peace of mind. Additionally, they prevent you from having to personally pay for certain damages. For instance, if your home is located in a high flood risk area, then you might want to add a flood insurance endorsement to your homeowner’s policy. The flood endorsement would cover home repairs, debris removal, and other costs that would come straight out of your pocket without the added coverage.
How do I choose an endorsement?
Start by reading through you homeowner’s policy and figuring out what your coverage gaps are. From there, you should think about the risks that you are most likely to face. Only add the endorsements that you actually need. Being over-insured will cost you more money than you really need to spend.
If you need coverage to fill the gaps in your homeowner’s policy, then consider adding an endorsement to your plan. To get the coverage that you really need, trust the professionals at Gant Insurance Agency in McKinney, Texas. Contacts us to get covered today!