Homeowner Policy Riders Protect Valuables

Charles Goodman Group: Trustworthy Insurance Agents of Chappaqua

Whether you’ve been collecting increasingly valuable artwork or you’ve recently inherited a generous antique collection, you need to make sure your property is adequately protected. Some homeowners incorrectly assume that their valuables are automatically covered against loss or damage under their standard homeowner’s insurance policies. While it is true that homeowner’s insurance policies often reimburse for damage to belongings, most basic policies only offer a limited benefit.

To make sure that your prized possessions are sufficiently protected with supplemental insurance riders, an experienced Chappaqua insurance agent will likely ask you a variety of questions about your property and collections. With this information, they will help you determine whether a rider is an appropriate way to protect your effects against damage, loss and theft.

Riders are useful tools for a variety of possessions and circumstances. For instance, standard homeowner’s insurance policies often cover damage to artwork and antiques up to 75 percent of the policy’s value. A policy rider can provide more extensive protection for moderately valuable collections, extending beyond just damage to include coverage for loss or theft.

Jewelry and silver generally receive more limited protection under ordinary homeowner’s insurance policies. Although coverage varies widely, jewelry and silver flatware is only covered for a few thousand dollars’ worth of damage on a basic policy.

The insurance agent experts at the Charles Goodman Group of Chappaqua can assist you with any questions regarding health insurance or life insurance.

Riders can provide better benefits, covering jewelry and silver damage, loss, and theft in larger monetary amounts. And while you may need to supply appraisals for the items you want covered by a rider, the riders themselves are usually very inexpensive additions to a homeowner’s policy.

Most homeowners also tend to forget about protecting their home office equipment with riders. Computer and electronic equipment can be pricey, so sufficient replacement coverage is important. Some basic policies limit home office equipment coverage to a few thousand dollars while others just offer cash-value benefits. For the best protection, homeowners should consider adding a rider for additional monetary protection, or they should make sure that their policy covers replacement value rather than cash value. Home-based businesses that involve onsite employees and clients should consider more extensive coverage than even a rider or replacement value policy can provide. If you believe you might need more comprehensive insurance for a home business, talk to your trusted insurance professional about a home business insurance policy or a business owner’s policy.

Most riders cover all risks, from theft and loss to fire and water damage. While they offer a sizable benefit, the cost of adding a rider to your homeowner’s insurance is usually fairly negligible. Most riders add only a few dollars per $100 of coverage to a policy premium, making them a cost-effective way to insure treasured belongings.