What are 'endorsements' in property insurance?

Endorsements in property insurance refer to modifications or additions made to an existing insurance policy that broaden or restrict coverage. When policyholders need to tailor their insurance to better fit their individual circumstances, they can use endorsements to add or change specific provisions. This can involve adding coverage for certain risks or properties not initially included in the standard policy, or it can restrict coverage by excluding certain types of claims or losses.

For instance, a homeowner could add an endorsement to cover personal property such as jewelry or artwork that exceeds the typical limits of a standard homeowners insurance policy. This flexibility is crucial for ensuring that the policyholder has the necessary coverage for their unique situation.

The other options do not accurately reflect the definition of endorsements. For example, specific types of insurance policies are not endorsements; they are distinct products. Documents required for filing an insurance claim refer to the procedural aspects of claims processing, while standard terms included in all insurance contracts represent the general framework of the policy itself rather than specific modifications to it. Thus, endorsements serve as key tools for customizing insurance coverage to meet diverse needs.