Receive that special (had to have item!) or buy an expensive item?
Not sure how many people actually sit down to read their homeowners insurance policy. But doing so may surprise you at what is covered under personal property, specifically special limits on certain categories.
Common home insurance policies will only cover certain personal property losses by cause of loss and/or a maximum payout per “category”, aka, Special Limits of Liability.
Loss by theft, misplacing or losing of jewelry, watches, furs, and precious & semiprecious stones, often are limited to a total of $1500. The same causes of loss for firearms and related equipment are limited to $2500 as is silverware, goldware and pewterware, flatware (and the like).
We are just beyond the most expensive gift giving/receiving holidays, now would be the time to review your policy and make sure that special item is properly covered.
There are a few ways to insure that “special” item, may it be, but not limited to, jewelry, furs, cameras, firearms, precious art & collections.
- You can place a “rider” on your existing home policy, by scheduling your items separately with a value. The insurance company will charge you a premium based on the value.
- The other option being a separate Inland Marine policy. The same concept applies, each item schedule separately, premium based on value.
Ask questions to make sure you understand the coverage that you have or want.
Be sure to inquire about what type of losses your policy covers and how the item will be replaced if there is a loss.
Contact your agent at Barr’s Insurance for additional details and what option would best suit your needs