What home policy endorsements can do for you.
Many homeowners are unaware that their home insurance comes with certain coverage limits and exclusions. This is dangerous because this leaves them exposed to certain risks. Fortunately, homeowners can address their coverage gaps with policy endorsements. Here’s what home insurance policy endorsements can do for you.
Common Home Insurance Coverage Exclusions
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:
- Business Equipment
- Valuable Personal Property
- Future Assets
- Damage from War
- Nuclear Accident
- Intentional Damage
- Normal Wear and Tear
- Construction Defects
Policy Endorsements Defined
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.
Policy Endorsements to Consider
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 home insurance endorsements that you should consider. Have more questions about your home coverage? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.