What’s a Rider and Why Do I Need One?

Your signed electric guitar, your gorgeous diamond-encrusted wedding band, that priceless family heirloom—if you’re like most men and women, you probably have at least one very expensive item in your home that you want to protect at all costs. However, many homeowners are surprised to learn that their big-ticket items may not be totally replaced even if they make a claim with their home insurance service in Bucks County, PA, following a break-in. If you have homeowner’s or renter’s insurance, securing a rider for your expensive items adds an additional layer of protection for the things that you love.

Most homeowner’s insurance policies come along with limitations on the total payout that can be received for a single item, even if the item was lost due to a named peril. For example, your renter’s insurance policy might offer you up to $10,000 worth of compensation for losses after a burglary. However, the policy might also state that a maximum of 10% of your total payout can be used for jewelry insurance—meaning that even if your stolen diamond ring is worth $10,000, you’ll only get $1,000.

A rider is a provision of an insurance policy that extends your standard coverage to more fully protect a specific item for an additional fee. If you have a very valuable item, your insurance provider can offer you a rider that expands the normal coverage amount to completely compensate for the full value of the item. Keep in mind that you’ll usually need to provide professional appraisal documentation before you can be approved for additional coverage. Additionally, know that riders almost never apply to vehicles like cars, trucks, or motorcycles, even if they’re just for show. To protect those, you’ll need to purchase additional auto or motorcycle insurance in Philadelphia.

Are you interested in learning more about your homeowner’s or renter’s insurance options? The Bachmann-Zeitlin Insurance Agency is here to help! Give our team a call today at 267-288-5193 to get started!