What are Endorsements & Do I Really Need Them?

Endorsements are changes to the policy.  They can give coverage or take it away.  One of the most important things to think about when looking at endorsements is what you need coverage for, in addition to what your standard policy is providing.

Standard policies typically have exclusions on water backup and limits on things like jewelry, firearms, antiques, and coins.  Adding endorsements for these items, if you have them, may cost a little more each month, but will be well worth the cost if something ever happens.  As the saying goes…better to have it and not need it than to need it and not have it!

Below are some common endorsements to consider:

  • Water Backup / Sump Pump Endorsement – Usually limited to $5,000 or $10,000, this endorsement provides some coverage when the cause of loss is due to water backup or sump pump.
  • Building Code Upgrades – Most policies limit upgrades to 10% of the dwelling coverage. This endorsement provides payment for code upgrades when the property that needs repair is no longer up to code.
  • Replacement Cost for Personal Property – While many companies offer this as a separate endorsement, it is often included as part of Erie’s standard policy. This endorsement allows the insured the ability to recover the replacement cost of a personal item, rather than just the actual cash value (cost to replace – depreciation).
  • Scheduled Personal Property – This endorsement is useful with items such as jewelry, coin collections, card or stamp collections, antiques, etc. It allows for coverage above the ordinary policy limits stated for the items.

At Gilmartin Insurance, we make sure you’re covered with all of the proper endorsements.  We’ve been providing our clients with insurance services in Northeast PA for more than 20 years!