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How Can You Enhance Your Homeowner’s Insurance Policy?


By Frank Keaney

There are many additions you can make to improve your homeowner’s insurance coverage. This additional coverage can enhance your homeowner’s insurance policy. Most standard homeowner policies don’t include the following endorsements but they can be added for an additional premium. In most cases, an additional coverage can help cover the cost of additional damages that a traditional policy won’t cover.

Guaranteed Replacement Cost is an endorsement that would pay the guaranteed replacement cost of the home or an “extended” or additional amount usually 25 or 50% beyond the dwelling limit shown on the policy. Some companies may not offer guaranteed replacement cost coverage but they will extend the coverage you have chosen on your policy if you insure your home up to its’ full value. Should home prices rise during your policy period you will have the added protection of a higher limit to protect your house.

Replacement Cost Coverage on Contents is a coverage enhancement that would pay you the actual replacement value of the items in a covered loss. With this coverage you would receive the value to buy a new TV of like kind and quality instead of receiving a depreciated value on your TV set. This could save you thousands of dollars in the event of a loss.

Personal Articles is your standard homeowner policy limits your coverage for such items as jewelry, furs, fine art and other valuable items. This endorsement allows you to list your items and insure them up to the limit specified on your schedule. It gives you greater protection in a loss, no depreciation and no deductible would apply.

Water and Sump Pump Coverage is an extra coverage for sump pump failure or sewer backups. This endorsement would cover a sewer backup (depending on the circumstances) and help pay cleanup and any personal property lost.

Earthquake Coverage is additional coverage that will cover you and your home or property in the event of an earthquake. When you add this endorsement to your homeowner policy, it comes with a high deductible. However it will help you to recover the additional costs or losses in a devastating aftermath of an earthquake.

Personal Injury can protect you against claims involving false arrest, wrongful eviction or entry, invasion or violation of privacy and maybe most importantly libel and slander. It offers good protection for a relatively small premium of approximately $25.00 per year.

Ordinance or Law coverage will help pay the extra expense incurred by you to bring your home “up to code” after a covered loss. Building codes change and if your home doesn’t comply with current code, the cost to rebuild your home may cost you more than your unendorsed policy will provide.

Identity theft coverage won’t pay for the money you lost as a victim of identity theft but it can help pay for the costs associated with making phone calls, copying documents, and possibly some legal bills as a result of your loss.

Enhancement endorsement are the name may vary between insurance companies but for about $25.00 you can increase your coverage on such things as debris removal, food spoilage, silverware, watercraft and a wide variety of extra coverage to help protect you in the event of loss.

As always, you should consult an insurance professional first. Professional consultants at Amity Auto Insurance are certified to help you find the best policy and endorsements to protect you.

Please visit us for more information on home and auto insurance at www.amityauto.com

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