Which Coverage Can I Add to My Homeowners Insurance Policy?

Homeowners Optional Coverage

Your home is one of your most significant investments. By customizing your policy, you will keep it safe and rely on financial support to restore it if anything happens.

 

Dwelling related coverage

Secure your home’s structure with comprehensive coverage and shield it against the unexpected.

 

What is Extended Replacement Cost coverage?

Increased dwelling coverage is an additional protection in case you need to replace or repair your home, or any detached structure such as a garage or shed, and the costs are higher than your coverage.

 

This means that your home will have broader financial protection in case there’s a covered peril or loss and you need to fix it. It will have an extra layer of protection in your home premises and any insured detached structures.

 

 

What is ordinance or law coverage?

Ordinance and law coverage protects you in the event you need to repair or rebuild your home after a covered loss and must comply with updated building codes or ordinances. If these repairs need to follow current building codes, zoning laws, or ordinances bringing extra expenses, this endorsement will come in handy.

In other words, if you have to replace or rebuild your home, and there are new mandatory codes or ordinances that you need to follow causing you extra costs, this endorsement helps you cover those expenses. Building codes or ordinances are constantly changing or being updated, and these changes may cause additional expenses.

 

 

What is water backup coverage?

Water backup coverage, also known as limited sewer or drain backup coverage, is an optional endorsement that protects your home in case water enters your premises through your plumbing system and damages your home.
If there is water outside your home that wrongfully enters through your plumbing system, it can easily cause serious harm. This protection will help you cover the expenses of repairing water damage in your home and personal belongings.

 

 

What is service line coverage?

Service line coverage, also known as utility line or water and sewer line coverage, is an endorsement that protects underground service lines connecting your home to public utilities, such as internet service or electrical lines. If these lines fail, you may suffer service disruptions or expensive repair costs.

 

Underground service lines can be pipes, conduits, or cables. They are buried beneath the ground to provide essential services to your property such as electrical lines, power lines, natural gas pipes, internet, and telecommunication service. They are the crucial infrastructure that carries these utilities to your home or building.

 

 

What is earthquake coverage?

Earthquake coverage is an endorsement that provides financial protection for your home and personal belongings in case of an earthquake. It may include additional living expenses if your home becomes uninhabitable as a result of the earthquake.

 

Standard Homeowners Insurance policies typically exclude earthquakes, so this add-on ensures that your home and personal property are protected in the event of seismic activity, covering costs for repairs or rebuilding.

 

 

Liability related coverage

Explore our wide range of liability-related endorsements designed to offer you more robust protection on your Homeowners Insurance coverage.

 

What is animal liability coverage?

Animal liability coverage is an endorsement that provides protection in case your pet causes bodily injury or property damage to someone else. While we love our furry friends, accidents can happen, and this coverage helps cover the medical expenses, legal fees, or property repairs resulting from such incidents.

 

 

What is personal injury coverage?

Personal injury coverage provides extra protection extending your liability limit in your Homeowners Insurance coverage. While liability coverage typically includes bodily injury or property damage caused to others, this extension includes non-physical harm or emotional distress caused by you or a covered family member.

 

This endorsement includes legal expenses, settlements, or judgments if you are found legally responsible for personal injury, such as defamation, invasion of privacy, or wrongful eviction. It’s important to note that personal injury coverage usually has specific limits and exclusions, so it’s essential to review your policy and consult with an agent to ensure you have the right coverage for your needs.

 

 

What is identity theft coverage?

Identity theft coverage is an add-on that provides support and financial reimbursement if someone wrongfully accesses and uses your personal data and information fraudulently. This includes stealing your social security number, using your credit card information, and taking out a loan, among others.

 

This coverage includes expenses associated with reclaiming your financial identity, legal fees, lost wages, or any cost related to paperwork or mailing. You may also need assistance or guidance to restore your identity. This coverage helps you cover these expenses too.

 

 What is Loss assessment coverage?

 

Loss assessment coverage is an endorsement specifically designed to protect policyholders from financial charges coming from a Homeowners Association. In the event there’s damage in common or shared areas all owners are responsible for paying it. This add-on helps cover those expenses.

This also means that if an association’s insurance is insufficient to afford the cost of repairing or rebuilding shared areas, all owners must pay for those lost expenses. This kind of protection allows homeowners to pay their portion of the assessed fees with their coverage.

 

 

What is fuel oil release coverage?

Fuel oil release coverage is an endorsement that provides you financial protection in the event of a heating oil spill from your tank or connected piping. It helps you pay for the cleanup and remediation of environmental damage caused by the covered loss.

 

It protects your property and the expenses that may arise by damaging surrounding areas. It also addresses the specific risks associated with the storage and use of heating oil in your home.

 

 

What is watercraft liability coverage?

Watercraft liability coverage is an endorsement that provides an extra layer of protection in the event you’re held responsible for bodily injury or property damage while using your watercraft. It helps cover legal costs, settlements, and medical expenses.

 

This add-on protects you from incidents you can cause to others in covered perils involving a boat or a personal watercraft you own, maintain, or use.

 

 

What is enhanced medical payment coverage?

Enhanced medical payment coverage is an extra layer of financial protection designed to cover medical bills, or have quicker settlements when someone gets injured at your place or you’re responsible for it.

 

This coverage provides a broader limit on your coverage for the medical expenses you may have to pay in the event of a covered loss.

 

 

What is increased personal liability coverage?

Increased personal liability coverage is an option that boosts your existing liability limit on your policy. This will provide a higher level of financial protection in case you are found legally responsible for causing injury to others or accidentally damaging their property.

 

This endorsement also provides enhanced protection against the costs of legal defenses, settlements, or judgments. When choosing this extension, its limit will be strictly related to your potential exposure to risk.

 

 

Property related coverage

Step up your property protection game with our tailored endorsements, providing additional layers of security for your home and possessions.

 

What is unscheduled personal property coverage?

Unscheduled personal property coverage is an extra layer of protection in case your personal belongings get damaged or lost. This endorsement offers a higher coverage limit and a broader scope of protection for unitemized or new possessions.

 

The age and the condition of your stolen or damaged value are key. This will determine the depreciation cost and how much you can be reimbursed for it.

 

 

What is special personal property coverage?

A special personal property coverage is an enhanced level of protection that provides greater security for valuable items like electronics, jewelry, furniture, art, and more. Unlike standard coverage that only insures against specific listed perils, this endorsement covers a broader scope of potential risks.

 

Sometimes you can even request a “total risk” coverage except for explicitly excluded perils in the policy.

 

 

What is business property coverage?

Business property coverage is a specific protection for your business assets such as equipment, furniture, computers, inventory, and supplies against risks like theft, fire, and natural disasters.

 

This coverage will let you continue to operate without extra financial burdens and will help you to rapidly replace or repair key operational items. This endorsement can also help you keep your business investment safe, by accessing it you’ll be taking care of your work items in advance.

 

 

What is unscheduled jewelry coverage?

Unscheduled jewelry coverage is a specific endorsement designed to protect your jewelry against loss, theft, or damage without priorly listing every item individually. This is an additional protection where there’s a specific limit to help you cover lost, stolen, or damaged valuable assets.

 

This add-on has a lower limit than if they were individually scheduled because it offers a total limit coverage including all your assets.

 

 

What is scheduled personal property coverage?

Scheduled personal property coverage is an add-on designed to protect each valuable item you own in your home. It requires a prior list of every asset you want to get insurance for and gives customized protection in the event they are stolen, damaged, or lost.

 

This endorsement will help you rest assured when having valuable assets like jewelry, electronics, or fine arts that you want to individually keep safe and secure. By listing your valuable items, you will have enhanced coverage for each item that will cover them from potential perils.

 

 

What is food coverage?

Food coverage is an add-on specifically designed to protect you in case there is a power outage or appliance failure in your home, and you need to cover the expenses of spoiled food items stored in refrigerators or freezers.

 

This coverage will reimburse you for the cost of your groceries, ensuring that a qualifying incident doesn’t leave you bearing the full financial burden of restocking your fridge or pantry.

 

 

What is personal computer equipment coverage?

Personal computer coverage is an endorsement that specifically addresses the costs of recreating or restoring lost, corrupted, or destroyed data in the event of a covered peril. This coverage is key when you need to protect important information stored in your devices.

 

These are some of the typical perils that you can keep safe: documents, software, digital photos, and essential digital information. The recovery process may imply a financial loss or specific resources to replicate or recover, this endorsement can help you cover these expenses.

 

 

What is personal cyber protection?

Personal cyber protection is an endorsement specifically designed to give financial compensation and recovery assistance in the event you’re the victim of a cyber threat or incident. Some of the potential perils are online fraud, data breaches, and cyber extortion.

 

This coverage also offers services such as credit monitoring, legal advice expenses, and reimbursement for stolen funds. It can help you mitigate the personal and financial consequences one can have when being targeted by cybercriminals in an increasingly connected world.

 

 

What is equipment breakdown coverage?

Equipment breakdown coverage, also known as home system protection, is an endorsement that protects you from potential mechanical accidents or electrical failures of appliances at your home.

 

This includes refrigerators, HVAC, televisions, electrical systems, and more that are not generally included in a standard policy. This add-on helps you cover repair or replacement expenses in the event they break down, get damaged, or suffer any other covered loss.

 

 

What is superior home protection?

Superior home protection is an enhanced level of your Homeowners Insurance coverage. It’s specifically designed to offer more comprehensive protection by extending liability limits, having a wider personal property protector, or extending replacement cost coverage for your dwelling.

 

This endorsement is ideal if you own a high-value home and want to keep it secure, or if you’re the type of homeowner seeking more comprehensive coverage.

 

 

Mortgage related coverage

Secure your investment with our mortgage-related endorsements, designed to align with your specific lending requirements and offer extra peace of mind.

 

What is mortgage payment protection?

Mortgage payment protection is an additional endorsement designed to provide financial protection for homeowners in the event they are unable to make their mortgage payments due to certain unforeseen circumstances.

 

This add-on provides a safety net ensuring that your home and investment are protected during challenging times. If you experience a covered event that affects your ability to pay your mortgage, we will do it on your behalf.

 

 

What is a mortgagee clause?

A mortgage clause is an important endorsement that protects the financial interests of the lender or mortgagee. By adding this option, the lender ensures that funds are available to repair or rebuild the property, which serves as collateral for the loan.

 

In the event there’s a covered loss, and the property needs to be rebuilt or repaired, this endorsement ensures that lenders get their investment protected. Lenders can include specific requirements and detail them either in the mortgage agreement or by communicating it separately to their mortgagor.

 

 

Where Does PSIC Offer Homeowners Insurance?

We currently offer Homeowners Insurance in the states of Arizona, California, Connecticut and  New Jersey. To learn more about how you can customize your policy please select your state.

We plan to expand our Homeowners Insurance coverage nationwide soon, ensuring all homeowners the benefit of our reliable insurance solutions.