Endorsement
An addition or amendment to an existing insurance policy that changes, expands, or restricts the original coverage.
An endorsement (also called a rider or floater in some contexts) is a written document attached to an insurance policy that modifies the original contract. Endorsements can add coverage for items or perils not included in the base policy, increase coverage limits for specific items, remove certain exclusions, or restrict coverage under defined circumstances.
Common homeowners endorsements include scheduled personal property (adding specific coverage for jewelry, art, or cameras beyond base limits), equipment breakdown coverage, identity theft protection, sewer backup coverage, and home business liability. Auto endorsements include rental car reimbursement, roadside assistance, and gap coverage.
Endorsements typically add a small amount to the premium in exchange for broadened protection. Because each policy is different, confirm with your agent exactly what each endorsement adds or removes. Some endorsements come as packages; others are individually priced.
Real-World Example
After receiving an engagement ring, the couple added a scheduled jewelry endorsement to their homeowners policy for $180/year to cover the $12,000 ring at its appraised value.