Your homeowners’ insurance policy can safeguard you and your family against theft, natural disasters, and other hazards. However, typical policies often exclude perils or limit coverage that could leave your family in financial ruin without coverage of certain risks.
Add-on coverages, also known as endorsements or riders, can fill the gaps to enhance the coverage you need. Here’s a look at several of the add-ons you can consider for your specific situation.
What Is an Add-On Coverage?
An add-on coverage is an option you can include in your homeowners’ insurance policy to extend coverage limits, guard against inflation, or cover losses that homeowners’ insurance policies don’t typically cover.
The added endorsement can increase your premium, but it can also give you comfort in knowing you, your family, and your property are adequately safeguarded against risks and perils.
Common Homeowners’ Insurance Policy Add-Ons
Here are a few of the most common add-ons to basic homeowners’ insurance coverage.
Extended Replacement Cost Coverage
Extended replacement cost coverage can increase your dwelling coverage limits from 10 percent to 100 percent.This could also be the case for guaranteed replacements costs. If your home is destroyed by a natural disaster, the higher limits can help cover any increased cost to rebuild.
Scheduled Personal Property Coverage
An insurance company typically caps the maximum insurance coverage for valuable items, such as jewelry, fine art, cameras, and more. You can extend the amount covered with scheduled personal property coverage and receive coverage against accidental damage or loss.
Flood Insurance Coverage
Most homeowners’ policies don’t cover flooding. So if you live in a flood zone or near water, you can consider flood insurance to safeguard your home from damage from high tides, storm surges, heavy rains, and other natural flooding.
Water Backup Coverage
You’re not covered against water damage from backed-up drains, sewage systems, or sump pumps. An add-on for water backup can safeguard your property and your home’s foundation from these hazards.
Equipment Breakdown Coverage
While your electronics and appliances might be covered for damage from a fire, storm, or vandalism, they aren’t covered against mechanical or electrical breakdowns. Equipment breakdown, or appliance coverage can safeguard your wallet against costly repairs.
Service Line Coverage
Your homeowners’ insurance policy may cover damage to your home from ruptured utility lines, but it won’t pay to repair the lines. A service line add-on includes this coverage in your policy, so you can be reimbursed for backed-up, damaged, or ruptured utility lines.
You can buy other add-ons, endorsements, or riders to guard your family, home, and property against many other hazards, risks, and perils not typically covered by a homeowner’s policy, including earthquakes, identity theft, operating a home business, and more.
An agent with your independent insurance company can walk you through the insurance coverage you can buy to meet your needs.
Find Add-On Coverage With Warrior Insurance & Services Group
You want to safeguard your home and your family’s financial well-being. Now that you know some of the limitations of a basic homeowners’ insurance policy and how to fill the gaps, you can consider endorsements you may need to guard against additional risks.
Warrior Insurance & Services Group can provide you with comprehensive home insurance coverage that fits your needs. We can tailor your insurance policy to your home and budget. Contact us today.