Homeowners in Ruidoso, NM appreciate the home insurance options offered by Family Insurance Associates. When we develop a home insurance policy for you, we collaborate with you to understand your specific needs. This collaboration allows us to offer riders that enhance the utility of your homeowners’ policy, ensuring it covers all of your personal property and your home.
What a Rider Does
Policyholders can add a rider to a policy that covers a specific item or event with extra coverage. This is also known as scheduling an item. Home policies often recommend common riders that many homeowners find useful. A rider expands coverage to the main policy, slightly increasing the premium cost as well.
Scheduling Your Jewelry
Probably the most frequently used rider, homeowners tend to schedule a piece of jewelry when they purchase an engagement ring. According to Brides magazine, the typical engagement ring costs the equivalent of three months of salary, or between $6,500 and $7,000.
According to Forbes, a home policy includes personal property coverage of about 50% of your home’s value. It also caps the coverage of non-scheduled items in certain categories, including jewelry. Most policies cap jewelry replacement at $1,500; the same cap applies to watercraft and trailers not used with watercraft. Scheduling high-cost items costs relatively little but could potentially save you thousands of dollars in the future.
Home Business Rider
If you operate a home business, you don’t need to purchase a separate policy to cover it. Add a rider reporting the business to your home policy to cover liability and business equipment.
Earthquake Rider
California is not the only state that experiences earthquakes. New Mexico encounters about 11 earthquakes per year, with the largest usually being about a five on the Richter scale. Its most severe earthquake occurred in Socorro in 1906—a six on the Richter scale. Add an earthquake rider to your home insurance policy to shield your home from this serious risk that is not included in most policies.
Contact Us Today
Don’t leave your Ruidoso, NM, home unprotected or under-protected. Contact Family Insurance Associates to update your home policy with riders who fully protect your personal belongings and home.
