When you own a home, there may be circumstances or property that your insurance doesn’t cover. There are extra coverage options, called endorsements, that can be purchased separately and added onto your policy to help cover risks that you may not have thought of when choosing your Homeowners coverage.
Here are four good endorsements:
1. Additional Insured Residence Premises
This endorsement is specifically for people who have an ownership interest in a property. but don’t live there. For example, this would be a good option if you are helping your adult children with buying a home and want to protect your part of the investment should the house be damaged or destroyed in a calamity.
2. Other Members of Your Household
This coverage is becoming more important as more people cohabitate. For example, if you live unmarried with a significant other and consider that person a member of the household, the insurance company would not consider them insured. An additional insured cannot be a guest, household employee, tenant, or boarder, and whomever you intend to cover must be identified by name on the endorsement.
3. Other Structures Increased Limits
If you have a detached shed or cottage, your Homeowners Insurance Policy likely will not cover the entirety of the loss of the structure should it burn down or suffer some other damage or theft. Other structures can also include gazebos, patios, barbecue pits, swing sets, and other items in your backyard. Depending on your policy, there may be differing endorsement limits.
4. Mechanical Breakdown
This endorsement covers the mechanical failure of household appliances, such as central air conditioning, central vacuums, chairlifts and elevators, electric vehicle charging stations, heating systems, water heaters, home automation and security systems, saunas, hot tubs, therapeutic baths, swimming pool pumps and filtration systems, stoves, wall ovens, refrigerators, well-water pumps, and sump pumps.