Insuring agreements are sections of the policy that specify the property and dangers covered by the insurance company in exchange for premium payments. Most policies include a plainly labeled insuring agreement section at the beginning of the policy, before other portions of the policy that state exclusions and conditions. It is important to understand the scope of coverage specified by the insuring agreement and ensure that it matches your expectations for an insurance policy, before you file a claim.
Like your favorite jacket that you can pair with a hood or extra pockets, insurance policies can be tailored to fit your specific needs through policy endorsements (also known as riders). These modifications allow you to expand coverage in certain areas or limit it in other areas. However, be sure to carefully read through your policy’s terms and conditions before requesting an insurance endorsement or adding one to your plan.
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Depending on the type of endorsement and how it expands or limits your coverage, it can impact your premiums. For example, if you add an additional insured rider to your business insurance policy, this may help mitigate risks associated with contracts with third parties and could potentially lower your overall risk level. Conversely, if you request a non-owned and hired auto coverage endorsement, this may add liability coverage for damage to your employees’ personal vehicles used on company business that would otherwise not be covered by your standard car insurance policy.
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Another type of endorsement that you can add to your homeowners insurance is a flood protection endorsement. This type of addition can protect you from damage caused by flooding and water backups resulting from a malfunctioning sump pump. Homeowners can also add a guaranteed replacement coverage or extended replacement coverage rider to their home insurance policy to cover the cost of replacing a damaged high-end item.
Most insurance companies have templates for the most commonly requested endorsements, and some even allow you to request them online through their websites or mobile apps. If you want to make a more substantial change, speak with your insurance agent or broker about a customized policy amendment.
