Home insurance endorsements to add to your policy for extra coverage
Home insurance is designed to protect you and your family when you need it most – but all policies have limits and exclusions, and you may want to add extra coverage to make sure you’ll always be protected.
In the insurance world, an “endorsement” is a change to the coverage outlined in your insurance policy. It can add or remove coverage, and it overrules any wording in the policy itself. A “rider” (also known as a floater) is an endorsement that adds coverage for something that was previously excluded from your policy or increases the limit for one of your existing coverages.
Here are several common endorsements you could consider purchasing to extend the protection offered by your home or tenant insurance policy. Specific coverages vary by location and by insurer, so be sure to talk to your broker to find out what’s available to you.
Sewer backup endorsement
A sewer backup can be caused by anything from clogged or grease-filled drains to damaged sewer lines – and it can cause sewage to back up into your home. Sewer backup coverage isn’t always included in standard home insurance policies, but it can often be added as an endorsement. The sewer backup endorsement is generally set up to protect you from loss or damage to your property caused by the rupture or escape of water from a sewer, drain, sump pump, or septic system.
Scheduled personal property endorsement
Most home insurance policies have a maximum limit of coverage for certain types of specialty belongings (like jewelry, collectible sports cards, computer equipment, and bicycles), which is outlined in your policy documents. When the value of your belongings in these specialty categories is higher than the limits in your policy (or if you want to change something else about your coverage, like the deductible), you’ll need to make a change to your policy. When you add extra coverage or change your existing coverage for specialty items, the items are “scheduled” in your policy.
Home-based business endorsement
When you’re planning to launch your own home-based business, it’s important to contact your insurance broker and let them in on your plans before you get started. Business activities (even small-scale ones) aren’t typically covered by standard home insurance policies. Not only does this mean you won’t be protected in a business-related emergency, but your insurance company could even cancel your home insurance policy. The good news is, depending on the kind (and size) of business you’re planning on launching, you may be able to add a home-based business endorsement to your home insurance policy instead of purchasing a full commercial insurance policy.
If you use or own a boat, adding a watercraft endorsement to your home insurance policy provides coverage for damage to your boat (while you’re using it or while it’s docked) and liability coverage. This endorsement generally applies to smaller boats used for recreation, and larger boats like yachts require separate policies.
Reach out to your broker to find out if you qualify to add any of these endorsements to your home insurance policy or to learn more about the options available to you.
At DPM Insurance Group, our brokers and CSRs can review your existing policies and ensure you have adequate coverage to protect the things important to you. Click here to find the location closest to you: https://dpmins.com/locations/