Homeowners Insurance Riders

Your homeowners insurance might not have enough coverage to meet your needs. To tailor your policy in a way that works best for you, adding various riders to your coverage can be a simple solution. But what are some common homeowners insurance riders, and how do they help?

Fortunately, working with an independent insurance agent is an easy way to demystify home insurance riders and select those that are a good fit for you. They'll also help you find the right homeowners insurance policy to meet your needs, to start with. But first, here's a behind-the-scenes look at home insurance riders and how they can increase your coverage against various disasters.

What Is a Homeowners Insurance Rider?

Insurance policy riders are sometimes called endorsements or floaters and can add or amend coverage to a standard policy, like homeowners insurance. If your homeowners insurance lacks enough coverage in a specific category or even excludes coverage, you might be able to patch these gaps with various riders. Home insurance add-ons or riders can be used to increase your coverage limits or even cover other disasters that weren't previously included.

What Is a Jewelry Rider for Homeowners Insurance?

Standard home insurance typically includes a $1,500 theft limit for jewelry by default. For individuals with expensive jewelry, this amount might not even be sufficient to cover one stolen piece. Still, a rider could increase the limit in this category to $5,000 or even more per incident. Jewelry riders can also be used to extend coverage to "mysterious disappearance" losses of your accessories if your policy normally excludes them.

How Common Is Jewelry Theft?

You might not be tempted to spend the extra money for a special coverage endorsement known as a jewelry insurance rider, but unfortunately, jewelry theft occurs more often than you may expect. Check out this list of items most commonly stolen during home robberies and see for yourself.

Items most commonly stolen during home robberies:

With jewelry items being the top target, having a jewelry rider added to your homeowners insurance policy can make a lot of sense, particularly if you have valuable pieces or a whole collection. 

What Is a Scheduled Personal Property Home Insurance Rider?

Another option to protect your jewelry and other valuable items is through a scheduled personal property rider. Scheduled riders let you list specific items on your home insurance for which you want increased coverage. Your home insurance company is likely to require you to get them appraised first to declare the items' proper value.

Common items included on scheduled personal property riders:

If you're unsure whether a valuable item in your home has enough coverage, speak with your independent insurance agent. They'll help you determine if a scheduled personal property rider is a good choice for you. You can also often schedule personal property through your renters insurance.

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What Are the Most Common Homeowners Insurance Riders?

A handful of commonly added homeowners insurance endorsements or riders offer important coverage amendments. You might find that you could benefit from a couple or even all the examples on this list.

Common homeowners insurance riders:

• Valuable items: This type of rider increases your policy's coverage for valuable personal property, such as jewelry, artwork, furs, etc. Without a valuable items insurance rider, your basic home policy may not pay nearly enough to repair or replace your expensive contents, or may not provide coverage at all for valuable items that aren't listed.
• Personal property replacement value: This type of rider's limits for personal property coverage are based on the replacement cost of an item and don’t include depreciation. So if you have to replace one of your belongings after a loss, your policy won't deduct the depreciation cost, regardless of its age.
• Structures rented to others: This type of rider provides additional coverage for structures on your property that you rent out as a private residence. Standard homeowners insurance excludes protection for property you rent out regularly.
• Equipment breakdown: This type of rider includes protection for equipment that breaks down due to previously excluded disasters, such as mechanical failures or electrical malfunctions. Without this rider, home insurance typically only covers equipment breakdowns caused by lightning, fire, etc.
• Sewer backup: This type of rider protects your home from sewer backups that damage property and create a mess that must be cleaned up at your expense. Though homeowners are often responsible for their sewer lines, standard home insurance excludes sewer backup coverage without this rider.
• Personal watercraft: This type of rider extends your home insurance coverage for your watercraft. Without this rider, your watercraft, like boats, etc., typically aren't covered much against disasters while being used on the water, transported, docked, or stored at home.

An independent insurance agent can help you decide which homeowners insurance riders are a good fit for you to add to your policy.  

Home-Based Business Riders

If you run a business out of your home, your standard homeowners policy provides minimal protection, often $2,500, for your property after a disaster. Adding a home-based business endorsement or rider to your policy can increase this limit to $5,000 or even $10,000. Another option is to buy a homeowners liability endorsement to protect you against lawsuits if delivery workers, clients, etc., get harmed on your property.

Why Work with an Independent Insurance Agent?

Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. They can help you find all the coverage you need and answer any questions you may have. Independent insurance agents also have access to multiple insurance companies, ultimately finding you the best home insurance riders, accessibility, and competitive pricing while working for you. And down the road, your agent can even help you file home insurance claims and update your policy when necessary.