What are the Most Common Riders?

Riders are extra options you can choose to include on your insurance policy. The term 'riders' is often thrown around and can be quite confusing, especially if you are new to the world of homeowner insurance. Like many of annoying terms and phrases used in the insurance jargon, this word has a much easier synonym - extras. So, when you are asked if you want any riders, this simply means do you want additonal coverage on top of the basic policy?

For most homeowners, the answer will be yes, unless you are planning on dropping coverage soon. There are several common riders that will keep you better protected and adequately insured. One of the most common types of riders is known as building insurance. This will cover your home in the event of fire, storm, earthquake and other perils as per the list. The building insurance takes into consideration things like sheds and pools as well as other structures on your property. If you do have extra structures on your property, then it is a good idea to get this coverage.

Another common rider for homeowners insurance is known as contents protection. Many policies will have this standard now but in some instances you will have to add it on. Contents protection pays for the damage and replacement of the contents in your home. This includes things like furniture and electronics as well as toys, tools and even clothes and jewelry. When you are looking into this type of rider, unless you are using the house as a rental property or planning on living in it without furniture, then it is pretty important to do add this to your coverage policy.

House Insurance Extras

There are some items, however, that will not be fully covered under traditional contents insurance. Contents insurance comes with set limits for each item. For example, you may only be able to claim $3,000 per item. But what happens if you have something that is worth much more than this such as a watch, a piece of jewelry or a beautiful Persian rug? Another rider to consider if you are in this instance is called valuables insurance.

Valuables insurance gives you the opportunity to boost the limit on your contents protection on individual items. So, if you have a $10,000 diamond necklace, you can get better protection from it. If the necklace is stolen, you will be offered more than the allotted $3,000 for it.

Most standard policies will include protection from a number of different perils. Floods, however, are generally not covered on a standard policy. And, the worst thing about this is that floods are pretty common across the nation. Many homeowners actually do not realize until they go to make a claim that they are not covered for this type of water damage. This is why the flood insurance rider is also incredibly popular for people living near water including oceans, lakes and creeks.

One of the things about insurance riders is that they are usually optional. However, there are some riders that are required. If you are living in a flood area, for example, then you will be required to purchase the flood and earthquake protection rider, which is normally optional but still a good idea. While riders are going to make your policy a little more expensive, most homeowners agree that the extra coverage and peace of mind is worth the extra price each year. However, when comparing the common riders for homeowners insurance, think about your specific situation to help you decide what extras are necessary for you.

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