At Advantage Insurance Network, serving the Cincinnati, OH metropolitan area, we offer custom condo policies that provide the exact coverage you need. We do this by offering riders that you can add to your policy to cover specific goods in your household.
What is a Rider?
In insurance, the term rider refers to a clause in the policy that provides coverage of a specific item or category of items for an additional cost. Typically, the items covered fall into one of three types:
- Specialty or hobby items
These expensive items often exceed the coverage on a condo policy and require extra insurance to protect you from financial loss.
Doesn’t a Condo Policy Cover Property?
Your condo policy does provide some coverage for personal property. This amount covers typical items, like replacing the average person’s wardrobe. If you only own designer duds, you’d need to add a collectibles rider to cover the financial cost of replacing your Prada, Chanel, and Versace threads. Otherwise, you’d get stuck footing the bill for most of your wardrobe replacement.
The typical condo policy offers about ten percent of the condo’s value as personal property coverage. That means that if your condo has a real estate value of $250,000, you’d have about $25,000 of personal property coverage, which might pay to replace one or two items of haute couture clothing.
The personal property coverage covers all of your personal property. That means it would also need to pay for your computer, camera, mobile phone, tablet, TV, etc.
Benefits of Insurance Riders
The most significant benefit of this increased coverage is knowing that your policy replaces your loss. When you add a rider for a piece of jewelry, for example, your $10,000 engagement ring, you know that the policy will cover the purchase cost in case of a loss. You also won’t have to pay a deductible, or the rider will contain a very low deductible, typically less than $100.
Insuring an item or collection using a rider to your condo policy also provides accidental loss coverage while costing you less for the protection. Most insurance policies don’t offer accidental loss or "mysterious disappearance" coverage, which refers to you forgetting the ring in the example, at the gym, or while staying in a hotel. You also save money on the coverage because adding a rider to a condo policy costs less than purchasing a separate jewelry or art collection.
Contact Us Today
Contact Advantage Insurance Network serving the Cincinnati, OH metropolitan area to add a rider to your existing condo policy with us or buy a new one with riders for your expensive belongings. Let us help you protect your financial security.