Why Riders Are Important to Cover Your Possessions

An insurance rider, sometimes known as a floater or an endorsement, is a type of additional personal property insurance that offers greater protection of your valuables, such as jewelry or fine art. Whether you’re buying your first insurance policy or you’ve been a homeowner for years, it can be difficult to know if you should invest in a rider. Here, Muller Insurance explains what a rider is and can help you decide if you need one

How Insurance Riders Work

Say you have a homeowners insurance policy that covers your home in case of a fire, break-in, or other disaster. You already understand your personal property will be protected, but to what extent? Typically, there is an overall dollar limit to the amount of coverage your policy provides. Furthermore, within that limit, there may be sub-limits on certain types of valuables, like jewelry or antiques, and damage or loss of one of these items past a certain dollar amount is not covered. But not to worry – that’s where a rider comes in.

Riders are added to your existing policy and can cover a variety of different things such as art, jewelry, antiques, etc. The cost of the rider is typically calculated according to the value of the insured item or items. This means it’s more expensive for more valuable items, but it will cover the full cost of the damage to or loss of the item if a covered event were to occur. Additionally, riders can offer coverage a standard insurance policy might not, such as accidental damage.

What Do Riders Cover?

There are different kinds of riders available to meet a wide range of coverage needs. Usually, you can get a rider to cover nearly anything your existing insurance doesn’t already, and one can also expand coverage within your current policy. The following are some of the most common types of riders:

H3: Scheduled Personal Property

Scheduled personal property is supplemental insurance that covers your property beyond what a typical homeowners insurance policy covers. This applies to personal property like jewelry, antiques, artwork, collectibles, musical instruments, and more.

H3: Building Code Coverage

Your homeowners policy will cover the cost to repair damages to your home, but if your home needs additional work to be brought up to code, you may be responsible for the difference. This type of rider will cover the cost of additional work needed to ensure your house meets building codes when being repaired.

H3: Business Property Coverage

A standard insurance policy typically will not cover any business property you may keep in your home. If you run a home-based business or keep property for your business at your home, you may need a rider to cover these items.

Other types of riders can provide even more protection.  For example, there are riders that can cover landscaping or renovation projects or costs incurred if your identity is stolen.

Keeping Your Possessions Protected with Muller Insurance

Because riders are important to have in case your homeowners insurance leaves any gaps in coverage for your property, Muller Insurance is standing by to assist. We’ve been serving our community in New Jersey since 1906 and have since expanded into 29 other states. To learn more about why insurance riders are important or to add one to your existing policy, contact Muller Insurance today.

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