When you purchase or update a homeowner's insurance policy, you might want to discuss the subject of endorsements with the agent you speak to. Endorsements on an insurance policy are basically extra things you add to the policy for coverage on things that are not covered under a basic policy. There are a lot of endorsements you could add to your policy, but here are three that are very commonly added to homeowner's insurance policies.
Inflation guard protection
One important endorsement you could add to your homeowner's policy is something called inflation guard protection. This endorsement is designed to ensure that you would actually receive enough compensation for your home as what it would cost to replace it if you lost your entire home due to covered peril. If you have inflation guard protection, it would cause the value of your home to increase automatically each year to compensate the value increases of your home due to inflation. Every year that passes may cause the value of your home to increase. If you do not acknowledge this and account for it with the coverage amount on your policy, you would probably not have enough coverage to rebuild your house if you lost it.
Sewer backup coverage
A second endorsement to consider adding is called sewer backup coverage. If the sewer tied to your house backs up, it could lead to major problems and damage in your home, and this can be extremely messy and costly to deal with. Your regular homeowner's insurance policy might not cover this type of damage, though, and if it does not, you should add sewer backup coverage. This is problem you could experience at any time, and it is not usually something you can prevent or prepare for. Having this coverage will protect you, though, if this problem arises.
Personal property riders
The other type of endorsement you should consider adding relates to your personal property. Personal property riders are a form of endorsement designed to cover every item you own, as you likely have some things in your house your regular policy would not cover. If you own any item that is worth a lot of money, you should add a personal property rider to your policy to cover it.
Adding any of these types of coverage will provide you with compensation for these things if anything happens to them. To add endorsements or to learn more about them, contact an insurance agency today.Share
2 September 2019
When I lost my job, I also lost my health insurance. I've never had to buy health insurance on my own before, so when I went to my insurance agent, I had no idea where to start. The coverage options, deductibles, co-pays, and premiums were confusing. I wasn't sure how to make sense of all of the tiers and doctor's networks. I created this site to help others who've never purchased health insurance before. The posts here are full of resources for insurance coverage, and I hope that it will help you to find the policy that's right for you.