At F.I.R.E. Leaders Financial, we aim to help our customers in Eagan, MN, understand how to tailor their renters’ policy to cover exactly what they need. In this blog, we’ll explain the concept of endorsements, riders, and add-on options, such as jewelry coverage and the small business endorsement.
What is an endorsement?
The terms endorsement, rider, and add-on all refer to the same thing. They denote an optional insurance coverage specified within a larger policy, such as a renters’ policy. When you schedule an item in your insurance policy, you add a rider that specifically covers it for the stated amount. For instance, if you become engaged and schedule your engagement ring, it receives full-price coverage under your renters’ insurance.
Common Endorsements to Renters Policies
The jewelry rider we just mentioned is one of the most common riders used. Here’s a list of other typical riders:
- Sub-limit increase: Raises the policy limit for damage to or loss of a collection or item, such as trading cards or stamps.
- Earthquake: Includes the peril in renters’ coverage.
- Sinkhole: Includes the peril in renters’ coverage.
- Pet damage: Reimburses the policyholder for the damage their pet causes to the landlord’s home.
- Identity theft: Pays for costs incurred by the policyholder when someone steals their identity.
- At-home business: Provides business liability coverage for a business operated from a rented home.
If you don’t see what you need on this list, ask your insurance agent if a rider or endorsement exists for it. We want to help you create custom coverage that genuinely serves your needs.
Updating Your Renters’ Policy
Contact F.I.R.E. Leaders Financial to update your Eagan, MN, renters’ insurance policy. Ensure your policy protects all the items you own and your liability risks. Call us today.
