The standard homeowners insurance policy protects most of your personal possessions that are damaged, stolen, or destroyed in a covered event. However, especially valuable items might exceed the limits of your policy, or certain categories of belongings might be subject to their own limitations. In these cases, what’s known as a “rider” will fill in the coverage gaps you need for your most prized possessions. Here’s a closer look.
A Quick Guide to Home Insurance Riders
What Is a Rider?
Most homeowners insurance policies include a certain amount of coverage for personal possessions, usually based on the value of the home. However, that coverage generally limits compensation for certain types of property. For instance, your home’s policy might include $50,000 in personal property protection but only $1,500 in protection for jewelry and $500 for firearms. If you have high-value items, the standard policy might not fully compensate you for your losses.
A rider is an extension of your insurance coverage written to cover specific items. If, for instance, you have an especially valuable jewelry collection worth $10,000, your rider will specifically provide coverage for tor those items. In fact, a rider may actually cover more perils, such as loss or accidental damage.
When Do You Need a Rider?
To determine whether you need a rider, you’ll need to take a close look at your homeowners insurance policy. If you own high-value jewelry, antiques, Persian rugs, firearms, or artwork, check to see whether your current policy provides the coverage you need. If not, ask your insurance agent whether a rider will protect your most valuable possessions. In many cases, extending your coverage can be surprisingly affordable, especially when compared to the cost of losing the items you value most.
If you own high-value property, you need an agent who will take the time to ensure your homeowners insurance policy provides the protection you need. Jonathan Caudill, Alan Wilson, Jay Lee, and Eric Michaels of Farm Bureau of Mebane-Caudill Agency have earned the 2018 Readers Choice Award for Best Insurance Company in Mebane by the Mebane Enterprise thanks to their knowledge of the industry and commitment to their clients. Get a quote online using the convenient form or by calling (919) 563-3276 today.