While most home insurance coverage will protect against common incidents and accidents, insurance endorsements exist to provide protection against an additional scope of possible unexpected—and unwanted—outcomes.
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An insurance endorsement covers your home against perils that are not covered under most policies like natural disasters or running a home-based business.
What’s more, endorsements can provide additional coverage for belongings that are not fully covered under your homeowners policy, like fine art, jewelry, or electronics.
While homeowners insurance endorsements are easy enough to get (you just need to contact your insurance provider or request a quote from a new provider), a recent survey by Policygenius reveals that 47% of homeowners are not covered against important perils—perils like natural disasters that are becoming increasingly common in many areas due to the changing climate.
Add this to the fact that the cost of rebuilds is on the rise, and unprotected homeowners could find themselves in financial straits due to an unfortunate, but preventable, lack of coverage.
Not everyone needs all kinds of home insurance endorsements. For instance, if you don’t have super expensive jewelry, electronics, or art, you likely won’t need more than the standard blanket personal property coverage, which often caps at $2,500. And if you don’t have a home business, you won’t need home business insurance liability.
However, there are a few home insurance endorsements that we think everyone should consider.
Covered equipment usually includes:
And get this. equipment breakdown insurance can also cover food spoilage if your fridge or freezer stops working.
Just be aware: as inexpensive as this type of homeowners insurance endorsement is, there’s usually a deductible of $250-$500 that you will have to pay before the coverage kicks in.
Another word of warning: if your equipment breaks down due to wear and tear, rust, pest damage, defects, or anything that could be considered a maintenance issue, then this endorsement won’t cover you. This is another reason it’s important to take care of your appliances.
What are we talking about when we mention service lines?
Service line coverage will protect you against damage to all these lines. The bonus? it will also protect against perils to service lines that isn’t covered in your regular home insurance policy—perils like:
The cost of service line coverage comes in at roughly $30 per year, though of course prices vary, and you should shop around and get a free quote to get the best price.
What the recovery coverage will take care of includes:
Additionally, you can tack on extra coverage against cyber attacks, cyber extortion, and fraud coverage.
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Home insurance endorsements can provide you with life-changing protection for very little money up front. Like all insurance, it’s an expense, but often a comparatively small expense that provides you with a peace of mind that’s absolutely priceless.
Get a free insurance quote now, and ask about homeowners insurance endorsements. We’ve been helping people save money on insurance for years, and even if you’re happy with your current provider, it never hurts to shop around and make sure you’re getting the best coverage at the best price.
Jessica Fox Jessica Fox has been a freelance writer for five years, with a specialty in health, wellness, and insurance. During this time, she’s written for some of the biggest B2B and B2C brands from around the world. Jessica is also the mother of two young daughters and loves coffee, writing, and working out.
