What aspect of coverage does an endorsement typically adjust or add?

An endorsement typically adjusts or adds the coverage limits of a policy. This is because endorsements are modifications made to an existing insurance policy that can either enhance the coverage, change the policy terms, or clarify conditions under which coverage is provided. By adding or adjusting coverage limits, an endorsement allows policyholders to customize their insurance to better meet their specific needs or to reflect changes in their coverage requirements over time.

For instance, if a homeowner renovates their property or acquires new expensive items, they can use an endorsement to increase their coverage limits to ensure these items are adequately protected. This flexibility is essential for policyholders who may need to adapt their insurance in response to changing circumstances without needing to create an entirely new policy.

In contrast, the other options involve elements that are either not typically associated with endorsements or are adjusted through different means. The premium adjustments are often handled during policy renewals or adjustments, the type of property insured is usually defined at the policy's inception, and while deductibles can sometimes be modified, this is more common during the original policy setup rather than through endorsements.