You might have heard the saying before that the little things really do matter. Homeowners insurance is no exception. There’s many “little things” that really do matter and you should be aware of, because finding out after the fact can be a costly mistake. In this week’s blog I will discuss the importance of Homeowners Policy Endorsements.
I think Its human nature to not want to pay more that we need to. I get it, and feel that way too about many things I purchase. However, you get what you pay for. I spend my day helping people get the best value for the money they spend on insurance. Cutting coverage is not the way to do this. In fact, the omission some endorsements or riders as they are sometimes called can be costly.
Take, for example, the Personal Property Replacement Cost endorsement. In my opinion, this is a must have rider on your policy. Without it you’ll get actual cash value of the item if there’s a loss. You might be surprised how fast our “stuff” depreciates. With the Replacement Cost endorsement, in the event of a covered loss you get new for old. Let’s use appliances for an example. A new kitchen appliance set can easily cost several thousands of dollars. However, used these appliances are worth a fraction of what they are new. With this endorsement costing only around $100 yr. you can see where this could benefit you.
Some Insurance Carriers have a Homeowners Enhancement Endorsement available that provides additional valuable coverages like Identity fraud and Water back up through sewers or drains. This is a great reason to consult a licensed insurance professional like myself who can find ways to add value to your insurance program. If you aren’t sure about what endorsements you have or have other coverage questions, I invite you to contact me for a no cost to you review.