Share:

A standard homeowners insurance policy typically provides coverage for the dwelling and certain other structures located on the property, as well as personal property inside the buildings and any accidents that result in medical bills or legal fees. Each of these protection areas pertains to specific perils that have payout limits and restrictions. When certain portions of the policy don’t meet your needs, a rider allows you to pay extra to ensure there aren’t any gaps in your coverage. Use this guide to learn more about these add-ons to determine if you might need one.

What Is an Insurance Rider?

A rider is also known as a floater or endorsement; it is an optional add-on policy used to extend certain areas of an insurance plan. When it comes to homeowners insurance, you can purchase one of these amendments to increase coverage limits, expand protection for specific areas or structures on your property, or include additional perils in your policy.

What Are the Types of Riders?

Scheduled Personal Property

homeowners insurance

Scheduled personal property coverage is one of the most common add-ons because it provides all risk coverage with coverage amounts for certain valuable items—like jewelry, artwork, antiques, cell phones, computers, cameras, guns, etc. — an appraisal or  purchase receipt may be required for some item types. In the event something happens to one of these objects, you will be paid the amount of repair, actual cash value or up to the limit of coverage on the item.

Excluded Perils & Other Options

If your home or region is susceptible to certain risks, like floods, earthquakes, or sewer backups, ask an insurance agent about a specific rider to protect your property and belongings from this danger.

What Are the Benefits of Insurance Riders?

Standard homeowners insurance is designed to provide quality coverage for the majority of the people insured. This means enforcing restrictions and coverage limits to keep the policy affordable for the average household. However, since people and properties have different needs, riders provide a way to ensure each individual home is fully protected from potential threats.

Go over the entire policy with your insurance agent to determine if there are any areas where you need extra protection. In addition to covered perils, pay close attention to sub-limits and exclusion items that might leave you open to loss in the event your dwelling, the surrounding property and structures, or personal belongings are damaged or stolen.

 

For comprehensive homeowners insurance that incorporates all of your unique needs, turn to Farmers Mutual Insurance Association of Osceola County. For over 130 years, this insurance agency has provided a variety of coverage options for home and farm owners in Sibley and northwest Iowa. Visit their website to learn more about their insurance products, and call (712) 754-3654 to receive a quote. 

tracking