There was a time when the standard, off-the-shelf homeowners policy fit just about everyone. Not so today. Think of it more as a “hub” for “plugging in” specific coverages or endorsements. Here are a few examples:
Additional insured residence premises is an endorsement designed for those who have an interest in a property but don’t live there. Example: you may have given your son or daughter the down payment for purchasing a home. Your interest can be protected with this endorsement in case of a loss.
Other members of your household. This endorsement provides personal property, additional living expense, and protection to a named individual living in the insured’s home who is not a relative. This includes individuals such as domestic partners or significant others.
Other structures increased limits. This is not limited to buildings, but can include swing sets, patios, barbeque pits and “other structures” in the backyard. A homeowners policy limits the coverage to 10% of the coverage A limit and, quite possibly, creates an underinsured situation. This endorsement can remedy this problem.
Mechanical breakdown. This endorsement covers the mechanical breakdown of household appliances, which are normally excluded. The limit, which is an aggregate, starts at $5,000, but can be increased up to $50,000. With the cost of sophisticated appliances much higher today, having equipment scheduled is worth serious consideration.
Service line repairs. Many homeowners are not aware that they are responsible for the costs of repairing damaged water or sewer service lines that run from their home to the municipal service lines in the street, and which are not covered by most homeowners. However, a Service Line endorsement provides the necessary protection.
For information on homeowners policy endorsements, contact Renee Pike.