What is an insurance rider on a homeowners, condo, or renters policy?
A rider is an add-on to a homeowners, renters, or condo insurance policy. Also referred to as an endorsement, amendment, or "scheduling an item," a rider means you're adding a specific item(s) to your policy. Insurance riders typically cover, at an additional cost, an item that might not be already covered on your policy or is inadequately covered. This could include items like an engagement ring, bicycle, or expensive piece of artwork.
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How do insurance policy riders work for personal property?
A rider is an optional add-on to your policy that can offer additional coverage for an item that isn't fully covered without scheduling it separately. You pay a little extra in order to cover an item of much greater value. You may be asked to get an appraisal or provide a detailed description of the item(s) you want to cover.
What are the benefits of adding an insurance rider?
Increased coverage
Many home insurance policies contain sublimits, which are essentially lower limits for certain items. Regardless of your personal property coverage limit, if an item has a sublimit, you may not be covered for the item's full value without adding a rider to your policy.
Example:While your personal property coverage limit is $100,000, your policy has a $2,500 sublimit for jewelry. Your engagement ring is valued at $8,000. Without a rider, the piece is only covered up to $2,500. Scheduling the engagement ring enables you to receive up to $8,000 in case of a covered loss.
Low or no deductibles
Your personal property coverage may have a high deductible. Policy riders, on the other hand, often have low deductibles or none at all.
Example:You have a musical instrument worth $3,000 that is stolen, and your personal property deductible is $2,000. You may only receive up to $1,000 on a stolen property claim. If you have a rider with a deductible of $50, your payout would be up to $2,950.
Accidental loss coverage
Some basic insurance policies won't protect you against accidental loss. That means if you accidentally lose your wedding ring at the gym, you may not be covered. However, with a rider, the ring may be covered even in this scenario.
What items are commonly scheduled?
- Jewelry: Wedding and engagement rings, necklaces, watches, earrings, diamonds, and other precious stones are all items typically scheduled on a rider. You'll likely need to add a separate rider for each individual piece.
- Personal collections: From fine art to coins and stamps, regardless of their value, a rider may safeguard your collections and memorabilia.
- Specialty items: These include bicycles, cameras and projection equipment, musical instruments, firearms, and other notable possessions. Exclusions may apply.
How much does it cost to add a policy rider?
A rider's price varies based on the scheduled item, its appraised value, and the insurance company. In general, homeowners insurance riders are affordable. Through Progressive Home, an affiliated Progressive carrier and part of our network of companies, currently jewelry can generally be scheduled for about $1.50 to $2 per $100 in value (or 1.5% to 2%). So, if you own a piece valued at $5,000, you can reasonably expect to pay around $75 to $100 for the rider. Learn more about insuring jewelry and engagement rings.
Collectibles are typically less expensive to insure. For example, suppose your insurance company charges you 80 cents for every $100 in value (or 0.8%) to schedule a stamp collection. If your collection is worth $5,000, your rider may cost around $40. Learn more about how to insure artwork and collectibles.
How to add a rider to an insurance policy
Determine the item(s) you want to cover by taking a home inventory of your valuables, even if you think your property is already well covered. You may be surprised to find valuable belongings that aren't covered or have a sublimit, and could be fully covered with a policy rider. If you don't know the value of an item, have it appraised. Your insurer may ask you for an appraisal, photos, or videos to document the item's condition.
Can you modify a rider?
Depending on your policy, you may be able to modify coverage on a scheduled item. Policy endorsements can typically be added or removed, based on your needs. If an item has increased or decreased in value, you can generally adjust the amount of your rider.
Pro tip:
With Progressive Home, an affiliated Progressive carrier and part of our network of companies, certain items valued at $5,000 or more may require an appraisal or bill of sale and a clear photo of the item. For items less than $5,000, you're typically asked to provide a detailed description of the item. Unaffiliated homeowners insurance carriers in Progressive's network may have different requirements.
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