5 Vital Homeowner’s Endorsements

Homeowner’s Endorsements: Crucial Coverages You Might Not Realize You Need

When you own a home, it’s important to be aware of potential risks that your standard homeowner’s insurance policy might not cover. Luckily, there are additional coverage options called endorsements that can help address these gaps. Here are five key endorsements that you should consider:

  1. Additional Insured Residence Premises: This endorsement is designed for individuals with an ownership interest in a property where they do not reside. It can be beneficial if you’re helping your adult children purchase a home and want to protect your investment in case the property is damaged or destroyed.
  2. Other Members of Your Household: With more people cohabitating, this coverage is increasingly relevant. It ensures coverage for individuals living in your home who are not considered guests, household employees, tenants, or boarders. Each person you intend to cover must be identified by name on the endorsement.
  3. Other Structures Increased Limits: If you’ve added structures like a man cave, shed, gazebo, or patio to your property, your standard homeowner’s policy may not provide sufficient coverage for these detached structures. This endorsement increases the coverage limits for these structures beyond the standard 10% of the policy limits.
  4. Mechanical Breakdown: This relatively new endorsement, introduced in 2014, covers the mechanical failure of household appliances such as central air conditioning, heating systems, refrigerators, and more. The basic limit is $5,000, but higher limits are available for purchase.
  5. Limited Water Back-up and Sump Discharge or Overflow: While your homeowner’s policy may cover damage from a sump pump back-up or overflow, it typically does not cover the cost of repairing or replacing a malfunctioning sump pump. This endorsement provides coverage for these costs.

These endorsements offer valuable protection against risks that are often overlooked in standard homeowner’s policies. Consider adding them to your policy to ensure you’re adequately protected.

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