Using homeowners insurance endorsements to extend your coverage.
Contrary to what you might think, your homeowners insurance policy does not automatically protect you from every peril that comes your way. Oftentimes, homeowners need to supplement their policy to secure the comprehensive coverage that they need. But how can you extend your home insurance coverage? This is where home insurance policy endorsements come in. Here’s what you need to know about insurance endorsements.
What are insurance endorsements?
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 an entirely separate flood insurance policy.
Which home insurance endorsements are most common?
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.
- 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.
These are some of the homeowners insurance policy endorsements you should consider getting. Do you have more questions about your home coverage? If so, then contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California. We are ready to assist you with all your coverage needs today.