What Is Insurance Endorsement?

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Any change that alters your current insurance policy, giving way for more coverage, is what you call an insurance endorsement. Another word for it is rider which, in very simple terms, is an addition to the pre-existing coverage you have purchased that covers a specific risk not included before or limited in some sense.

For most types of insurance policies, purchasing a rider in addition to the coverage you have is possible, as it places you in a safer position in the event of risks. A typical example of how an insurance endorsement works is when you purchase a standard homeowners policy and a scheduled personal property.

A standard homeowners policy has a dollar limitation for most items it covers in your home. If you own a piece of jewelry that costs above $2000, which gets stolen or misplaced, and your homeowners' policy allocates only $1500 for jewelry, your loss is not covered. When you own a scheduled personal property policy, coverage for that piece of jewelry is included, and you do not have to suffer the loss.



One thing everyone is less likely to complain about is too much coverage which is what insurance endorsements are for. You can purchase additional coverage regardless if you already own a standard homeowner, auto, or health insurance policy.

• Water Backup Endorsement
• Scheduled Personal Property Endorsement
• Earthquake Coverage
• Windstorm Coverage
• Sewer Backup
• Flood Coverage
• Personal Injury Coverage

When you purchase an endorsement on your policy, you may not have to pay deductibles at all or may just be required to pay a little amount in some situations. Speaking to your agent to know for certain if you are to pay deductibles for your additional coverage is advised.

If you do not have to pay deductibles, it does not mean you no longer have to pay deductibles for your original policy, as it does not work that way.



The National Association of Insurance Commissioners states that most insurance endorsements run in tandem with your original policy. Others provide coverage for a certain period which you can repurchase after it expires.

Conclusion

It is always a good idea to discuss with your insurance agent to discover what endorsements are best for your policy, providing you with more coverage. With more coverage, you are less likely to suffer much damage from a particular risk, so select one today!

At Brad Spurgeon Insurance Agency Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at (409) 945-4746. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!