Standard homeowners insurance policies can cover a wide range of things, from the structure of the home itself to various attached buildings on the property and personal belongings on the premises. However, in some cases the value of personal property in the home may exceed the limits of your policy coverage. In such cases, an endorsement may be added to the original policy to expand coverage.
What is an Endorsement?
An endorsement is a “rider” that can provide additional protection over and above the coverage available under your standard homeowners insurance policy. Various types of endorsements exist, but the most common are ones that expand coverage for personal property, personal liability, and special protection for unusual circumstances.
Why Might an Endorsement be Needed?
Personal property is generally covered only in case of “named perils”; in other words, coverage under your homeowners insurance policy only extends to circumstances named in the policy, such as in case of fire, hurricanes, or (in case of a flood policy) flooding. Other circumstances, such as accidental loss or damage, may not be covered, and items valued at more than the limits described in your homeowners insurance policy may be insufficiently insured.
What is Scheduled Personal Property Coverage?
If you need to add extra coverage for specific valuables in your home, Scheduled Personal Property Coverage may be the right endorsement for you. This type of rider provides higher limits for all property listed on the “schedule”, which can include furs, musical instruments, artwork, high priced furnishings, and more. This coverage is available without a deductible, and can also cover items newly purchased for a grace period before they are formally added to the schedule.
What is Spartan Enhanced Coverage?
Olympus Insurance offers Spartan Enhanced Coverage to provide premier protection for personal property without itemized pricing, and to increase personal liability coverage. It can also provide special protection against loss by theft, misplacement, or loss for items like jewelry, furs, firearms and flatware. In addition, Spartan provides protection against loss of use of residence, or refrigerated property damaged due to power interruption or stoppage.
How are Endorsements Obtained?
You can ask your agent about obtaining endorsements for your homeowners insurance policy. Before contacting your agent, it may be helpful to complete a current home inventory list. This will help you and your agent determine which items need additional coverage. To learn more about insurance terms visit our homeowners insurance glossary.
Endorsements can help you cover your belongings more comprehensively than your homeowners insurance policy alone is capable of. In case of a loss not covered by your standard policy, this coverage can make repairing or replacing valued items less painful.
About Olympus Insurance Company
Headquartered in Palm Beach Gardens, FL and founded in 2007, Olympus Insurance Company specializes in Florida property insurance. Through its independent agency force, Olympus insures $40 billion worth of residential and investment property including homes, condos, rental property, and valuable personal property, with umbrella coverage and Spartan Enhanced Coverage available. Coverage for individual risks up to $5 million in total insured value is provided on one of the most comprehensive coverage forms in the industry.
For more information, visit olympusinsurance.com.