4 Important Homeowner Insurance Riders To Consider

Posted on: 28 March 2022

You want your homeowner's insurance to provide you with all the protection you need. For your policy to do that, often, you need to add riders onto your insurance policy. A standard policy is designed to cover the basics. If you want complete coverage, you need to add riders to your policy.  

1. Jewelry

One of the most common types of a rider is a jewelry rider. If you have a wedding or engagement ring, or any family heirlooms, there is a good chance that the value of your jewelry exceeds the value of an individual item under your personal property protection.  

A jewelry rider can help you get adequate coverage for your jewelry. With a jewelry rider, you will also have a separate deducible from your general policy that can be significantly lower, making it easier to file a claim.  

2. Specialty Items 

You may have other high-value items that you want to protect. Examples of special items that you may want to protect include things such as instruments, artwork, antiques, and collectibles. Your standard policy may limit your ability to replace and cover high-value items.  

To get a special rider, you will need to get the item officially appraised. An official appraisal will allow you to get a policy just for that item, with a lower deductible than your standard policy and with more robust replacement terms.  

3. Building Code Coverage 

If you own an older home, you may want to get building code coverage. If something is damaged with homeowner's insurance, your policy will pay to replace it back to its original state. The thing is, with an older home, the original state may not meet current building code standards. The contractor who replaces or repairs the damage will have to bring it up to the current code, and that additional work will come out of your pocket. 

When you get building code coverage, if your home is damaged, your policy will pay to replace and repair things so that they meet current building code standards, not just up to the standard of what it was before. This is a smart rider to add to if you have an older home or as your home gets older.  

4. Business Property Coverage 

As more people work from home and run businesses out of their homes, it is important to get business property coverage. With business property coverage, if you have business equipment in your home, you can get it replaced if it is damaged. This includes things such as computers, monitors, supplies, and other materials you use to keep your business operating smoothly.  

When you craft your homeowner's policy, use riders to build a full policy that gives you all the protection you need for the stuff that you care about. Riders are a great way to take your insurance coverage to the next level. 

For more information about homeowners insurance, contact a provider near you.