2 Homeowners Insurance Endorsements That Can Enhance Your Coverage
The endorsements you add to your home insurance coverage can offer you extra peace of mind and protection for your property. Basically, endorsements work like add-ons for your insurance. You can choose your insurance endorsements to meet your needs without paying for coverage you don’t want.
Think of homeowners insurance endorsements like customizations to a cheeseburger. Your cheeseburger already comes standard with a patty, choice of cheese, sauces of your choice and a bun. But you can also choose to add extra toppings like bacon, mushrooms, onion rings, etc. for a small added cost to make the cheeseburger exactly what you want.
Home insurance endorsements work the same way. While you’re already getting great home coverage, these add-ons can help you make your home insurance exactly what you’re looking for.
Here are two endorsements you may consider adding to your home insurance:
1. Matching materials
Some replacements after a home insurance claim need matching materials to make the area look good as new. For example, let’s say your kitchen floor near the dishwasher is damaged after it overflowed. However, you can’t find an exact match for the kitchen flooring materials because the style was discontinued. What do you do?
Some carriers may offer matching coverage on home insurance, but it can vary case by case. However, several states have matching laws that require everything to match. Additionally, several states have what’s called a line of sight insurance law. This is another way carriers are required by law to offer coverage for replacing materials within a “line of sight” of a damaged area. Reach out to us for an up-to-date list of insurance matching states and line of sight insurance laws.
If you want matching material coverage, you can add a matching materials endorsement to your home insurance policy. Here’s how the matching materials endorsement from one carrier works:
If original materials to match existing materials aren’t available, this coverage pays for full replacement of roofing or siding with the closest in quality and type.
It applies to damage to your primary dwelling or other structures insured on your policy. Items that aren’t covered include wooden shingles and mismatched materials that resulted from normal wear and tear or aging.
Learn more about the matching materials endorsement and different levels of coverage you can get.
2. Expanded Replacement Cost
You may see expanded replacement cost also referred to as extended replacement cost. As the name suggests, it’s an expansion or extension of coverage for the cost to replace a covered peril. According to Policygenuis, it typically “extends your dwelling coverage limit an additional 10% to 50%.” You may choose an expanded replacement cost endorsement for dwelling, personal property or roof replacement assistance.
A few reasons you may choose to get expanded replacement cost coverage:
It’s a safeguard to avoid out-of-pocket costs if you experience home damage that exceeds your policy coverage limits.
It’s extra protection in the event a natural disaster damages your home.
It’s a safety net to make sure you have enough coverage during inflation periods.
Complements of Grange Insurance
Dan Zeiler
dan@zeiler.com
877-597-5900 x134