Riders and Endorsements for Renters
Endorsements to Consider
When speaking to your GEICO representative about renters insurance through the GEICO Insurance Agency, Inc., there are additional types of coverage that might be beneficial to ask about. Remember, renters insurance refers to any type of rental dwelling insurance whether it is an apartment, condo or other type of dwelling. Riders and endorsements are add-ons to an insurance policy. Popular "riders" or "endorsements" you may want to inquire about include the following:
Replacement Cost Coverage
Most standard renters insurance quotes include actual cash value as opposed to replacement value for your belongings. Actual cash value takes depreciation into consideration when calculating a post-claim payout, which means you may not get enough to buy a new version of the item that was lost. This is where replacement cost coverage can help.
Scheduled Personal Property
This is additional insurance for high value items or special collections. Common examples include jewelry, coin collections, sporting goods, specialized electronics, and other valuables.
Business Merchandise Coverage
This has become a much more popular endorsement in recent years, especially for tenants who sell products online such as via eBay.
Incidental Business Liability
If you have a home business such as a small baby-sitting business, this insurance helps protect you against liability claims related to your business.
Additional Coverage for Disasters
Depending upon where you live, you may want to look into extra coverage for natural disasters such as flood, earthquake, or wind and hail. Not all renters policies include coverage for these losses, ask a GEICO Insurance Agency for more information.
Building a Complete Package
It's a good idea to take inventory of your personal possessions at least once a year and maintain adequate insurance to make sure you are able to replace the items and lifestyle you have worked hard to create. The GEICO Insurance Agency will be able to assist in compiling a complete insurance package to make sure your possessions are covered.
The above-listed tips are for informational use only. Refer to your insurance policy contract for specific information regarding your coverages and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.