At San Marcos Insurance Group in Chandler, AZ, we emphasize to each client the importance of assessing their specific insurance needs and potential risks of loss. You may need coverage for your home beyond what comes standard. In this article, we’ll discuss add-on and endorsement options for your home insurance policy, which provide added protection for many costly disasters.

What Comes Standard on a Home Insurance Policy?

Basic homeowner insurance includes coverage for your dwelling (your home itself) and other structures (such as sheds or detached garages). Standard policies also compensate you for damage to your personal belongings and additional living expenses if you’re displaced after a covered incident. Additionally, you and your household members are covered for personal liability in case of a lawsuit for accidentally injuring someone or damaging their property.

Standard home insurance typically covers perils such as fire, windstorms, lightning damage, hail, explosions, vandalism, or theft.

What Could Your Policy Be Missing?

While standard home insurance provides great protection, there are additional options that can be helpful:

• Replacement Cost Value (RCV): Standard policies often compensate you based on actual cash value (ACV), which factors in depreciation. Replacement cost coverage increases your compensation to reflect current market rates.
• Sump Pump Overflows and Water Backups: This add-on protects your dwelling and belongings from water damage caused by these issues.
• Major Equipment Breakdowns: Coverage for mechanical or electrical failures of essential equipment like HVAC systems or water heaters.
• Special Endorsements: Earthquake and flood coverage can be added separately, as they are not included in standard policies.
• Scheduled Personal Property: Coverage for specific high-value items like fine art, collectibles, and jewelry damaged in a covered incident.
• Identity Theft Protection: Coverage for expenses related to identity theft recovery, credit monitoring, lost wages, and legal fees.

For More Information on Insurance Add-Ons and Endorsements

Contact us at San Marcos Insurance Group in Chandler, AZ, to review your homeowner policy and discuss your options with an agent—call (602) 362-3360 to schedule an appointment. We’re here to provide reassurance during life’s unforeseen events.