Do you own treasures or run a small business? You may need to add a rider to your insurance policy!

By Joan LaFemina

Your standard homeowners or renters insurance policy covers many types of losses. However, an insurance rider, also called an “endorsement” or “floater”, may be required to cover certain belongings or liabilities that could be limited or excluded by the policy.

Common reasons for adding a rider:

• Precious Personal Property: Coverage under your standard homeowners or renters insurance policy provides only up to a specified amount, and that amount may be only a fraction of the actual value for: jewelry, firearms, musical instruments, collectibles, antiques, and other items. Additional coverage for the full value of your precious items can easily be added to your policy as a “scheduled” item or endorsement.
• Electronic Equipment: Coverage for computer equipment and data is often very limited, however some insurance companies may offer specialty riders and some even computer tech assistance!
• Home Business: More than 20 percent of American households double as a business headquarters. Most policies are restrictive toward business-related property and liability, i.e. a customer is injured while in your home, and often excludes such claims altogether. If you operate any form of business out of your home, protect yourself by obtaining an adequate business-based coverage endorsement for your policy.
• Secondary Residence or Income Property: If you own another home that is used as a secondary residence or rental property, you may be able to obtain liability or other types of coverage for that location by adding a rider to your current primary policy. If available, this method may be cost effective versus separate policies for each property.
• Sewer and Drain Back-Up: A backed up sewer or drain can cause significant damage to your home. This type of loss may be excluded under your homeowners insurance and even under a flood insurance policy. If so, a water back-up endorsement may be necessary to add this coverage.
• Theft: If your policy shows an exclusion for off premises theft, you can add often add this endorsement to cover items away from home.

We are always happy to help review your existing policy and help you determine if a rider meets your needs. Share this information with your friends and family!

Contact your helpful Hometown licensed agent today to obtain, review or discuss your insurance coverage.

We offer personal and business insurance, please visit our web site: www.hometowninsurance.com 

Call 1-800-568-SAVE (7283) or email us at: service@hometowninsurance.com