Homeowners Insurance

Homeowners Insurance Endorsements: Coverages You May Not Know You Need

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When you own a home, you may have extenuating circumstances and/or own property that your insurance may not cover. In fact, there may be risks in your home that you never thought of and that won’t be covered by your homeowner’s policy. Fortunately, there are a number of extra coverage options you can add on to your policy which are known as homeowners insurance endorsements.

Here are five that you should be aware of, as recommended by the insurance trade publication National Underwriter.

Additional Insured Residence Premises

This endorsement is specifically for people who have an ownership interest in a property but don’t live there.

This could come in handy for you if you are helping your adult children out when buying a home and you want to protect your part of the investment should the house be damaged or destroyed in a calamity.

Other Members of Your Household

This coverage is becoming more and more important as more people cohabitate. While you may own a house and live with a boyfriend or girlfriend (not a spouse) and consider them a member of the household, the insurance company would not consider them insured.

An additional insured cannot be a guest, household employee, tenant or boarder. Whomever you intend to cover must me identified by name on the endorsement.

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Other Structures Increased Limits

Maybe you’ve built a new man cave — a small cottage in the back yard outfitted with a giant plasma TV, nice sound system and bar.

However, since it’s a detached structure, your homeowner’s policy will not likely cover the entirety of the loss, should it burn down or suffer some other damage or theft.

Besides sheds and your man cave, “other structures” can also include gazebos, patios, barbeque pits, swing sets and other items in your backyard.

Under the typical homeowner’s policy, other structures are covered at 10% of the policy limits. So if your home is insured for $200,000, your other structures would be insured for 10% of that — $20,000.

If you’ve got pricey stuff in your backyard, you may want this coverage.

Mechanical Breakdown

This endorsement was only issued for the first time in 2014 and it covers the mechanical failure of household appliances like: central air conditioning, central vacuums, chairlifts and elevators, electric vehicle charging stations, heating systems, including water heaters, home automation and security systems, saunas, hot tubs, therapeutic baths, swimming pool pumps and filtration systems, stoves, wall ovens, refrigerators, well-water pumps, and sump pumps.

The basic limit is $5,000, but you can buy higher limits.

Limited Water Back-up and Sump Discharge or Overflow

This endorsement will add coverage to your policy to cover damage from water and sump pump backup and overflow. If you would like coverage to cover a broken sump pump, you will want to purchase equipment breakdown coverage.

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