Bells & Whistles: Homeowners Endorsements
If you are shopping for new/better insurance coverage for your home what you need to know is that while most homeowners' policies have all the same basic lines of coverage there are many ways for an independent agent to add a little razzle-dazzle to your policy. In a time of crisis these types of additions, known as endorsements, may have you thanking your past-self. What can sounds excessive or 'above and-beyond' when things are going smoothly often provide the most peace-of-mind when you are facing a claim. See below for a few of my client recommendations when putting together a homeowners' policy.
Guaranteed Replacement Cost
Of all the endorsements available, this is what I would classify as the most important. If you haven't shopped your insurance in awhile, the amount originally allocated for rebuilding you dwelling may be dangerously low. As building costs continue to rise everywhere, it is increasingly important to ensure the appropriate coverage is in place if the unfortunate event rebuilding is necessary.
Service Line Coverage
It's important to note that your homeowner's policy is not a maintenance policy. If your utilities
(furnace, water tank, etc..) go because their time has come, then their replacement falls on the shoulders of the property owner. However, if there's a power outage that causes your utilities to become unusable then service line coverage would set in to cover these things.
Water/Sewer Backup Coverage
If your plumbing or sump pump fails, this line of coverage would repair the damage caused by the water overflow. Being located in Southeastern Massachusetts and RI, with our unpredictable weather and proximity to the coast, I highly recommend this to anyone; especially with a finished basement.
Personal Injury Coverage
In our ever more connected age, it is becoming increasingly important to have some form of protection if you were to be sued for defamation of character or the like. Personal injury insurance pays for non-economic losses after something such as wrongful eviction, defamation, invasion of privacy, or civil rights violations.
Identity Fraud Coverage.
Chances are your personal information is probably already out there just waiting for someone to hack. Identity Fraud coverage helps recover the costs of legal fees incurred if you are dealing with a case of stolen identity.
Some other coverages you can increase on your policy are for collectibles such as guns, jewelry, and fine china. If you have a 3 karat sparkler consider this your sign (and opportunity) to make sure it has been added to your policy and covered for only a couple hundred dollars per year.
These are just some endorsements we highlight with our clients to ensure they have the best insurance coverage customized for their needs.