When Does Your Homeowners Insurance Policy Need a Rider?
Throughout the time you live in your home, possessions change, or you may update your property. It’s a good idea to check if your homeowners insurance continues to match your needs; if not, you may want to consider a rider.
A rider functions like a mini policy that extends your homeowners’ coverage. Items with a limit, and no coverage in instances of theft and disappearance, receive additional protection for a greater range of situations.
When might your policy need a rider?
You Own Valuables
A standard homeowners insurance policy covers jewelry, antiques, and other valuables to a low limit, and frequently, it won’t reimburse you if theft occurs. You may need a rider for the following:
- Jewelry: Homeowners insurance doesn’t cover beyond $1,000 for the full collection.
- Artwork and antiques: If you want more than the 75 percent covered, add a rider.
- Silverware: Theft isn’t included, while homeowners insurance covers up to $7,500.
- Oriental rugs: Consider a rider if the pieces in your house exceed $10,000 total.
- Home Office Equipment: Homeowners insurance only offers up to $1,000 for all items. If your space includes furniture, a computer, fax machine, and other communications equipment, get a rider to fully replace what’s there.
- Cameras
- Expensive coin collections
- Firearms
- Important legal documents
- Bicycles
- China and crystal
- Recording equipment
- Trophies
- Music instruments
- Expensive sports equipment
For Your Property
In a handful of instances outside of valuables, a rider’s additional coverage proves crucial:
- Sewage backup damage: Homeowners insurance may help when a flood damages your property, but not if sewage backup does. If this is a concern, prepare for this scenario with a rider.
- Income property: A rider will cover you for a second property you rent out. It ends up being a more affordable option than if you took out a separate policy.
- Secondary Residency: If you have a vacation property, a rider to your primary home’s policy may provide basic insurance.
- A recreational vehicle: Home and auto policies frequently exclude campers and RVs, so, to cover it, add a rider to your homeowners insurance.
- Any building code upgrades.
As you evaluate your policy, take into account the items you want covered, their value, and what your policy currently provides. If the total exceeds what’s offered, a rider becomes a must.
To start evaluating and modifying your homeowners policy, explore your options with Ion Insurance. Contact us to learn more.
