An Insurance Education, Part 4: What About Endorsements?

For a homeowner, understanding what to look at when choosing and customizing a policy is vital to getting proper coverage. This is the fourth article in a four-part series designed to help you get the best policy possible.

This week, we’ll look at endorsements, which can be added to your standard homeowners insurance policy (HO3). These endorsements can raise limits to adequately cover valuable items, expand the range of situations covered, or both.

Scheduled Personal Property

Adding a scheduled personal property endorsement to your homeowners insurance policy can help bridge the gap between what your basic policy will cover for individual items, and their actual appraised value.

If you own fine jewelry, furs, art, or other valuable items like silverware, you can have each item scheduled individually, and insured for the appraised or agreed-upon value.

One major advantage of scheduled personal property coverage is that you are afforded added protection against mysterious disappearance or unexplained loss (a cause of loss that is not covered under a standard homeowners policy).

The Spartan Enhanced Coverage Package

Adding the Spartan Enhanced Coverage Package endorsement to your homeowners insurance policy can provide extra peace of mind for unexpected situations. With Spartan, which is exclusive to Olympus policyholders, you gain:

• Automatically increased contents limit – without itemized scheduling
• Damage to personal property covered at replacement cost
• Increased liability coverages

With Spartan, you can also get equipment breakdown coverage, which includes:

• Up to $100,000 in coverage for a variety of equipment losses associated with power surges or cuts, as well as coverage for damage caused to water piping systems or appliances or losses due to sump pump overflow (offered under two separate coverages, automatically included in Spartan: “Equipment Breakdown” and “Water Back-Up”).

Endorsements can take your policy from basic to best in coverage. Looking for more ways to improve your policy? Use the Olympus coverage checklist to look for areas that could benefit from a second glance.

This concludes our Insurance Education Article Series. A new series will launch next month.