From Time Magazine:

Riders, also known as endorsements, are optional provisions that can be added to standard insurance policies. They allow policyholders to customize coverage without canceling their policy, but usually come at an added cost. This applies to life, long-term disability, homeowners and auto insurance policies. Riders aren’t standalone products, but rather provisions to existing policies, dependent on state regulations and insurance company guidelines. Some, like life insurance term conversion, may be included at no additional cost, while others require paying extra. Different types of insurance offer specific riders for adding benefits or increasing coverage. Life insurance riders can include accidental death and dismemberment, living benefits, family income, children’s term, return of premium, and more. Homeowners insurance riders expand coverage limits, cover high-value items, and protect against unexpected perils. They include scheduled personal property coverage, water backup coverage, building code coverage, and business property coverage, among others. Auto insurance doesn’t have riders, but optional coverage provides added protection at an extra cost. Long-term disability insurance offers riders like guaranteed renewable, waiver of premium, and automatic increase benefit to enhance policy coverage or provide relief from paying premiums.



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