When you add an endorsement to your policy, you’re basically changing your coverage. You may be extending your auto insurance or making a special exception to your homeowners’ insurance. Endorsements—otherwise known as riders—are also used for small updates, like a name change on your renters’ policy. Although they have many different applications, you should work with an experienced insurance agent to determine which endorsement(s) are right for you. At Freedom Insurance Agency, we’re always here to help!
Customize Your Coverage
Not everyone needs the same standard policy. Or maybe what was working for you suddenly needs to be changed, halfway through your term. That’s what an endorsement is for. These additions to the original contract allow us to make changes mid-term, without requiring a completely new insurance policy.
Let’s say you get engaged. Congratulations are in order, of course, but it wouldn’t hurt to notify your insurance agent for other reasons. He/she can help you review your current policy limitations and how they apply to jewelry. That way you, and your new ring, have the coverage you need.
If you’re considering starting your own business, an endorsement could be very beneficial. Especially if you’re going to be working from home and seeing clients onsite. Your homeowners’ insurance may not cover any commercial use of the property now, but we can fix that with an endorsement.
They can also be included from the beginning as benefits to a standard policy, such as rate locking, roadside assistance, additional drivers, and more. Occasionally, we process these riders after the fact, to limit provisions previously built in. So, if you decide you want certain names or places taken off of your plan, without dissolving the contract completely, we can help you do that!
Understand the Time Limit on Riders
In many cases, an endorsement becomes part of the original policy. Staying in place until the contract expires. You may be able to renew it along with the rest your coverage, but it depends on the exact language used. Yet another reason why we recommend you work with a reputable and experienced insurance agent to help you navigate this provision.
Did you know you could create your own time limit for your endorsement? If you’re going to be away for a while, or you plan on extending your coverage to another person or location for a brief period of time. Then, we could include specific dates when drafting the rider. Otherwise, we may have to introduce an additional endorsement later on to cancel the previous changes. Just be sure you fully understand what you’re agreeing to before you complete the paperwork.
Endorsements are an extremely useful tool in the insurance industry. They can also get quite confusing for policyholders. If you have any questions about the riders currently included with your policies, or simply available to you, please don’t hesitate to contact us! At Freedom Insurance Agency, we believe in offering comprehensive, customized coverage with quality customer service.
