Home Insurance Basics: Endorsements and Itemizing Your Coverage

Home Insurance Basics, Itemizing Coverage, Worcester, Woods InsuranceIn property and casualty insurance, an endorsement is an amendment to your policy that specifies your coverage under certain circumstances or for itemized valuables. Some elective endorsements include things like jewelry, antiques, or other itemized household objects. Learning about what options are available to you is an important part of home insurance basics. While it may be time consuming to determine what is eligible for itemized coverage, it is beneficial in the long run if any loss was to happen.

Here are some common questions from people covering home insurance basics about itemizing your coverage:

1) What does itemizing your coverage mean?

Itemizing coverage is when you take a specific item (usually a “special” or highly valuable item) and extend the amount of coverage that a typical home insurance policy automatically comes with. For example, if your insurance allots $3,000 for cameras but you have equipment that costs $5,000, you would have to eat that $2,000. Itemizing your coverage is important because it makes sure you are covered for any and all losses you might incur if something were to happen to your home.

2) What do I need to do in order to itemize my coverage?

Whenever you want to itemize your belongings, you will have to provide proof of purchase for the items in question, and your insurance agent may also require that you get any highly expensive or antique items appraised as well. Companies want as much documentation as possible before they extend your coverage.

3) What steps should I take to assess and record my assets?

  • Make a list with the original cost and current value of any items in your home that are worth more than $500.
  • Rent, borrow, or purchase a video camera, and go room to room in your home visually recording your assets.
  • Make a written list of jewelry with the cost and current value of each item.
  • Place this list in a fireproof safe or a safe deposit box at the bank.

If you have any questions about or need more information about home insurance basics, feel free to contact the agents at TJ Woods Insurance, and we would be happy to speak with you about our homeowners insurance and renters insurance policies.