What is a rider?
Think of adding a rider to your insurance policy? Find out what it is and how it can protect you—or whether you need one at all.
How much income do I need to qualify for a mortgage in Canada?
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In Canada, a rider, also called an endorsement, adds supplemental coverage to an insurance policy for an additional charge. Riders can help you customize your coverage to suit your specific needs. For instance, if you’re the sole breadwinner, you may wish to add a family term insurance rider to your life insurance policy, so that if you die, the policy will pay your survivors a regular monthly income.
Riders are also available for home insurance, to provide extra coverage for specific situations like floods, earthquakes or sewer backups—these typically aren’t covered by a standard home insurance policy.
A common use for riders is to insure jewellery, collectibles, sports equipment, musical instruments and other valuable items excluded from or not fully covered by standard home insurance policies. Check with your provider or broker to find out whether something you own is covered. If not, you may require a rider.
Example: “Martha added a rider to her home insurance policy to cover her rare comic book collection. Its value exceeded the limit in her policy, and she wanted to protect her investment.”
Read more about insurance:
- How does flood insurance work?
Flood damage poses a risk to Canadian homes now more than ever. Find out how flood insurance works and if you need it, so you won’t be left high and dry. - What is home insurance? Everything you need to know about protecting your home in Canada
What is home insurance? How does home insurance work in Canada? What home insurance coverage do I need? We break down what home insurance covers, why you need it and more. - What happens when you need additional contents insurance?
Anita Clarke set out to insure a designer dress collection under her home insurance policy. Here’s what she learned in the process. - The best life insurance in Canada: your complete guide
What is life insurance? Do you need it and, if so, what kind? How much will it cost? Find out with our guide to the best life insurance in Canada.
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