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What is a Rider?

Updated: July 2016

If you have homeowners insurance, it likely includes some protection for your belongings if they are damaged by a covered peril (fire or theft, for instance). Personal property coverage typically comes with limits for both overall coverage — the maximum amount your policy may reimburse you after a covered loss — as well as sub-limits for certain high-value items.

For example, suppose your homeowners (or condo or renters) insurance policy includes $50,000 in personal property coverage. You may find that belongings such as expensive jewelry have more limited protection. For instance, you may find that a standard homeowners insurance policy provides up to $1,500 in coverage for jewelry.

That's where a rider may help. A rider — also referred to as scheduled personal property, a floater or an endorsement — is an optional add-on to a homeowners insurance policy. It provides additional coverage for the things you own that are worth more than the per-item limit of your policy.

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Besides providing additional coverage for certain valuables, you may find that a rider helps protect those items from a greater number of risks.

To purchase a rider, you'll typically need to provide your insurance company with a recent receipt or a professional appraisal, the Insurance Information Institute says. You'll need to pay an insurance premium for each item covered by a rider.

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When Do I Need A Rider?

When you inherit a valuable item, become a collector or you buy something like an engagement ring, it's a good idea to consider how your insurance policy may help protect it.

Think about items like:

  • Jewelry
  • Furs
  • Expensive Cameras
  • Musical instruments
  • Fine art
  • Antiques
  • Stamp or coin collections

If you don't know how much coverage your policy provides for those types of items, read your policy or contact your agent. You may benefit from a rider if you find that certain belongings are worth more than your current coverage limits.

Still not sure if you need a rider for your valuables? A local agent can help you review your existing policy so you can decide whether additional protection makes sense for you.

Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Allstate Insurance Company, Allstate Indemnity Company, Allstate Fire and Casualty Insurance Company, Allstate Property and Casualty Insurance Company, Northbrook, IL. © 2016 Allstate Insurance Company, Northbrook, IL.
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