Understanding More About Home Insurance Policy Endorsements

A home insurance policy is designed to offer you insurance coverage for your home's structure and your personal property. It is also designed to protect you against any personal liability when someone is injured on your property. Endorsements are designed to increase the amount of coverage for specific things in your existing policy, or for things that may not be covered at all.

Endorsements to Increase Existing Coverage

When you need to increase the amount of coverage you have on your assets and possessions, you can do that by buying an endorsement. Companies also sell endorsements to provide coverage for perils that are specifically excluded from standard home insurance policies.

Guaranteed Replacement Cost Coverage is a type of endorsement you can add to your home insurance policy – even if you've opted to pay more for replacement cost under the terms of your policy.

Adding the guaranteed replacement cost coverage ensures that regardless of the cost, your insurance would cover the cost of rebuilding your home if it were destroyed by a covered peril.

Personal Property Replacement Cost, like guaranteed replacement cost coverage, is an endorsement you can add to your homeowners policy to make sure that you are covered for the cost of replacing your personal possessions beyond whatever is allowed under the terms of your home insurance coverage.

Inflation Guard Endorsement will assure you that whatever the current amount of your dwelling insurance coverage, your coverage will increase according to any rise in inflation.

Scheduled Personal Property Endorsement (also referred to as a “floater” or “rider”) is designed to increase the amount of coverage you have on personal property, especially if you have valuables such as artwork, coins, family heirlooms, furs, oriental rugs, stamp collections, computers, large musical instruments, and other expensive possessions.

The type of car you drive plays a significant role in the cost of your policy. A vehicle that has more standard safety features and is not expensive to repair will cost less than the car that has fewer safety features or has a very expensive repair price when it is damaged. Avoid luxury vehicles, expensive sport cars or similar models to get the best rate.

Endorsements for Special Situations

If you live in a very old home, you might want to consider adding an ordinance or law endorsement. Your home insurance policy may not cover costs in excess of what your policy allows for repairs if you have to do additional work to meet the current local building code ordinances or add safety features that are required by law.

Endorsements are designed to provide you with additional insurance coverage to fill in the gaps of an existing policy, or provide coverage for things that aren't covered under the terms of your homeowners insurance policy.

Endorsements like these are designed to provide you with the assurance that your insurance company will pay you enough to replace, rebuild or repair your property, regardless of the cost. Take a quote on this website to how much it costs to add endorsements to your coverage, and about specific types of endorsements that are available in your location.