Will Adding A Rider To My Insurance Policy Be Fruitful?

What is a Rider?

Also known as an insurance  endorsement,is an insurance policy that adds benefits to your insurance to provide an additional coverage.If by acquiring an insurance policy does not meet all of your needs,then you will need a raider.And the benefits are ever worth effort.In this blog we explore the benefits of a rider to your insurance policy.

Benefits of adding a rider to your insurance

Increased coverage

Most home insurance policies contain sublimits, which are essentially limits within limits. Let's say you have a ksh1 million limit in person property coverage for your belongings, but your limit on jewelry is only ksh25,000. If you have a piece that's worth ksh100,000 and you don't add a rider for it, your insurance company won't cover ksh75,000 on a claim for that item.

Improved Security

The reason for adding a rider to your life insurance policy is that you want to protect your family from unexpected risks that your insurance policy does not fully cover.It leaves you assured that the security of your loved ones is at it best even in your absence.

Low Deductibles

Your personal property coverage may have a high deductible. Policy riders, on the other hand, often have low deductibles or none at all. If you have a musical instrument worth Ksh30,000 that gets stolen and your property deductible is ksh20,000, you'll only receive ksh10,000 on an insurance claim for that item. If you had a rider with a deductible of Ksh500, your insurance payout would be ksh 29,500.

Accidental loss coverage

Many basic insurance policies won't protect you against loss by "mysterious disappearance." That means if you accidentally lose your wedding ring at the gym, you may not be covered. However, with a rider, the ring may be covered even in this scenario.

Increased savings

You will save money by not purchasing a separate policy to insure your jewelry, or other variables by only adding a rider to your insurance policy.

Final Word

It has been said before that cheap is expensive.After obtaining your health,life or property insurance, considering a rider is always a rule of thumb recalling the reason to take an insurance cover at the place.