Friedman Group
  • About Us
    • Careers
    • Privacy
  • Services
    • Business
    • Employee Benefits >
      • Share To Compare
    • Financial Services
    • Personal
    • Specialty Insurance
  • AP Blog
  • Pay Online
  • Contact
  • About Us
    • Careers
    • Privacy
  • Services
    • Business
    • Employee Benefits >
      • Share To Compare
    • Financial Services
    • Personal
    • Specialty Insurance
  • AP Blog
  • Pay Online
  • Contact

Welcome to The Friedman Blog

Homeowner's Five Coverages You May Not Know You Need

2/10/2021

 
Homeowners Insurance
When you own a home, you may have extenuating circumstances and/or own property that your insurance may not cover.
​There are a number of extra coverage options you can add on to your policy, which are known as endorsements.

They are essentially riders that you purchase separately but tack on to your homeowner's coverage as a policy extension.

In fact, there may be risks in your home that you never thought of and that won't be covered by your homeowner's policy. 

Here are five endorsements that you should be aware of, according to the insurance trade publication National Underwriter.
 
'Additional Insured Residence Premises' 
This endorsement is specifically for people who have an ownership interest in a property but don't live there. 

This could come in handy for you if you are helping your adult children out when buying a home and you want to protect your part of the investment should the house be damaged or destroyed in a calamity.
 
'Other Members of Your Household'
This coverage is becoming more and more important as more people cohabitate.

While you may own a house and live with a partner (not a spouse) and consider them a member of the household, the insurance company would not consider them insured.
​
An additional insured cannot be a guest, household employee, tenant, or boarder. Whomever you intend to cover must me identified by name on the endorsement.
 
'Other Structures Increased Limits'
Maybe you've built a new man cave - a small cottage in the back yard outfitted with a giant plasma TV, nice sound system and bar. 

However, since it's a detached structure, your homeowner's policy will not likely cover the entirety of the loss, should it burn down or suffer some other damage or theft.

Besides sheds and your man cave, "other structures" can also include gazebos, patios, barbeque pits, swing sets and other items in your backyard. 

Under the typical homeowner's policy, other structures are covered at 10% of the policy limits. So if your home is insured for $200,000, your other structures would be insured for 10% of that - $20,000. 

If you've got pricey stuff in your backyard, you may want extra coverage.
 
'Mechanical Breakdown'
This endorsement was only issued for the first time in 2014 and it covers the mechanical failure of household appliances like: central air conditioning, central vacuums, chairlifts and elevators, electric vehicle charging stations, heating systems, including water heaters, home automation and security systems, saunas, hot tubs, therapeutic baths, swimming pool pumps and filtration systems, stoves, wall ovens, refrigerators, well-water pumps, and sump pumps. 

The basic limit is $5,000, but you can buy higher limits.
​
 'Water Back-up, Sump Discharge/Overflow'
While your policy will cover damage from a sump pump back-up or overflow, it won't cover the cost of a sump pump that breaks down. This endorsement will cover that. ​

Comments are closed.

    Categories

    All
    Compliance
    COVID 19
    Cyber
    Employee Benefits
    Personal Insurance
    Property Casualty
    Risk Management
    Wellness
    Workers Compensation

    Archives

    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018

The Friedman Group
501 Bell St.
Dubuque, IA 52001
Phone: (563) 556-0272
Home
Business Insurance
Employee Benefits
Personal Insurance
Financial Services
Contact

AssuredPartners
An AssuredPartners Agency
In February 2020, The Friedman Group joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services. ​
© 2022 The Friedman Group, Inc.  Privacy Policy.