07 Nov 2019
stacks of coins next to a wooden toy home

Adding coverage to your homeowners insurance policy.

If you own a home, then securing homeowners insurance is essential.  However, it’s important to understand that your home policy does not provide unlimited coverage.  Fortunately, homeowners have the opportunity to supplement their existing home coverage with policy endorsements.  Here’s what a home insurance endorsement can do for you.

What is a Policy Endorsement?

An insurance endorsement, also known as a rider, adds coverage for perils not automatically included in your policy.  With a home insurance endorsement, you can extend your homeowners coverage for 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 homeowners insurance policy endorsements you should consider getting.  Do you have more questions about your home coverage?  If so, then contact the experts at Patterson & Associates in Richardson, Texas.  We are ready to assist you with all your coverage needs today.