A rider is an add-on to an existing insurance policy that allows you to add specific insurance products to your basic coverage. It is also referred to as an insurance policy provision, amendment, endorsement, or “scheduling of an item”. Riders provide insured parties with additional coverage options, or they may even restrict or limit coverage. Riders tailor insurance coverage to meet the needs of the policyholder. Adding a rider to your current insurance policy is a relatively low-cost way to tailor your coverage to your needs. The cost of an insurance rider depends on the type and amount of coverage you choose to add. Riders come in various forms, including long-term care, term conversion, waiver of premiums, and exclusionary riders. Riders require minimal underwriting, which lowers the cost of coverage. Riders offer plenty of flexibility, and you can purchase a specific type of coverage now and drop it or exchange it later. Riders are available for different types of insurance policies, including life, homes, autos, and rental units.

Apart from insurance policies, a rider can also refer to the additions made to an existing contract. It is tacked on to, or “rides,” the original agreement, and the purpose of a rider is to modify, clarify, or add more information to the initial contract after it has already been signed by the legal parties involved. Riders differ from addendums and are typically used in a wide variety of businesses, ranging from real estate and life insurance to performance art and more.

In summary, a rider is an additional provision or amendment to an existing insurance policy or contract that allows you to add specific insurance products or modify the terms of the contract.