Your homeowner's insurance policy provides you with a lot of coverage, protecting your dwelling, other structures, and personal property. It can also provide you with liability protection and living expenses if your home is damaged.
Even with all of that coverage, there may still be gaps in your coverage. These gaps are types of events and damages that are not covered with a typical policy. You can fill in these coverage gaps with endorsements. Home insurance endorsements vary by state and provider, but here are a few of the most common endorsements you can add to your policy.
#1: Identity Fraud
It may sound strange being attached to your homeowner's insurance, but you can add an identify fraud endorsement to your policy. This will protect you if your identity is stolen and will cover things such as legal fees and lost wages that you face due to identity theft.
#2: Service Line
If you hold responsibility for the service lines on your property, you may want to add service line protection. With this endorsement, if any of your utility lines are ever damaged, such as the electric, gas, or water line, that you are responsible for and not the city, your insurance will cover it.
#3: Water Backup Coverage
Water damage coverage is tricky with a homeowner's insurance policy. A water backup coverage endorsement will pay if you end up with a backed-up drain, sewer line, or malfunctioning sump pump that results in water damage. This fills in the gap in the type of water damage that is covered by your policy.
#4: Equipment Breakdown
If you have ever had an essential appliance, such as a water heater, break down unexpectedly, you know how expensive that type of breakdown can be. If you have a large appliance break down outside of normal wear and tear conditions, this type of coverage will cover the repair costs.
#5: Ordinance Coverage
If you are buying an older home, it is a good idea to get ordinance coverage. If something in your home becomes out of code, your insurance will pay for the repairs necessary to bring things up to code with ordinance coverage.
If you feel like your standard homeowner's insurance policy leaves you with gaps in your coverage, you will want to talk to your provider and see what type of endorsements you can add to your policy to provide you with more robust coverage.
Share6 October 2021
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