How Much Does it Cost to Get an Insurance Endorsement?

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If you’re looking to add additional insurance coverage or update your existing insurance policy, it is absolutely essential that you understand the amendment process to ensure that you’re receiving the comprehensive coverage you need for a price point you can afford. Here’s what you should know about adding an insurance rider and how much it might cost (or potentially even save you money).

What is an endorsement on an insurance policy?

An endorsement, sometimes referred to as a rider, is any change you make to your current insurance policy. It can be used to add, delete, or modify the specific terms within your contract.
For example, if you have recently purchased an expensive item or would like to ensure an additional person under your policy, you must request an endorsement to increase your coverage and/or extend it to another person. In most cases, you will have three opportunities to make any changes you desire: at the time of purchase, mid-term, or when you renew your insurance plan.
Once an endorsement is signed by both parties (i.e., you and your insurer), it voids your original contract and functions as your new policy agreement.

What are the types of endorsements?

Whether you’re considering updating the personal property protection in your renters or homeowners insurance or making changes to your life insurance and/or auto insurance policy, you will need an endorsement to amend your original insurance agreement.
Additional Coverage: Adding an item, person, location, or add-on to your insurance policy that not included in your original agreement.
Modification of Coverage: Making any changes to your insurance policy, whether it be adding or removing coverage.
Exclusions: Your insurance can exclude coverage for certain claims, so be sure to read your policy to understand your level of insurance protection.
Fixed-Term: Some endorsements have a specific or limited term in which they are considered valid. These endorsements may or may not renew at the same time of the original contract agreement, so be aware.
Because an endorsement becomes your new legal insurance agreement, it is important that you take the time to read and understand your updated agreement, consider whether you need additional coverage, and keep the document in a safe and secure place should you ever need to reference it.

How much money does getting an endorsement cost?

The cost of an endorsement depends on a variety of factors, such as how you are modifying the terms within your existing coverage, the age and value of your home, your specific location, your selected insurance provider, and whether your previous insurance agreement is actual cash value or replacement cost. This can be a lot of information to consider, so be sure to contact your insurance representative to walk you through the entire amendment process and provide you with a quote of what your new policy will cost.
In some cases, getting an endorsement can used as an opportunity to lower your deductible or premium, but it depends on how you are modifying your existing coverage and its scope. Increasing insurance add-ons, for example, will only increase your existing monthly payment, but it will also ensure that you pay less money out of pocket in the event of an emergency.
Before you commit to changing your insurance policy with an endorsement, be sure to assess your current financial situation, consider the amount of coverage you need, and explore your coverage options to receive the best coverage possible.

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