Just in time for this holiday season when so many of us are acquiring new prized possessions, here’s a checklist of easily the most popular varieties of personal items which may need more policy coverage than what is initially given on a typical homeowners insurance policy. We have also included here how much policy coverage you likely possess with a standard property policy, and what additional insurance coverage you may need to considering adding.
Today, a regular household contains more televisions that it does human beings, and it is very likely that your typical property insurance policy wouldn’t cover all of them in the event of a significant loss, much less the other electronic devices in your household. 20 years back, a $1,000 insurance policy limit on electronic devices might have covered your needs, yet these days, it probably will not even come close in case of a serious disaster.
Diamonds just may be a girl’s best friend, and yet when diamonds go missing in action, property insurance is going to be your new best friend. Or, it could potentially be your worst enemy if you aren’t carrying proper coverage. And in the event that you lose a stone, you are not going to be covered and protected at all. Scheduling your high-value jewelry items can help remedy this potential gap.
3. Musical Instruments
Although there commonly are not policy limits for musical instruments, there are still potential insurance protection gaps. Ordinary homeowner policies usually do not cover breakage or damage, and there is not any policy coverage if the musical instrument is taken beyond your home. Luckily, the ordinary household is generally less likely to have to worry about this.
A general homeowner insurance policy typically possesses a coverage limit of $2K to $3K for guns, so if you own a few of them for recreational sake, this could be enough. For some people, though, guns are actually a real hobby, and significant gun collections could mean substantial claims and that might be denied if you do not really have adequate coverage.
Furs are customarily contained inside of jewelry policy limits, so if you are journeying in style with your fine bling and furs, take note you can typically only claim up to $1K collectively. If you have furs, chances are, there is a gap that needs to be fixed.
6. Artwork & Antiques
In the event that you have an original Renoir, Picasso, or Rembrandt, then you can and ought to get more protection. Basic homeowner policies really don’t even come close to supplying enough coverage for items such as this. To steer clear of frustration, acquire special insurance coverage for your artwork.
7. Coins & Money
Serious coin collectors may find themselves a big miffed to realize after a claim that most homeowner insurance policies only have a $200 policy limit on money and coins. This also includes the cash in your wallet at the time of the incident too, including bank notes, medals, bullion, and coins.
8. Stamps & Valuable Papers
A traditional policy limit on important papers is $1,000, yet normally it is not the tangible piece of paper that holds the value. It is the relevant information on the paper. Things such as stamp collections may possibly be insured for a greater amount.
9. Cards & Comics
When it comes to card collections and comic collections, it can possibly be challenging to prove value, and many homeowners insurance policies primarily provide standard coverage. If you can establish authenticity and condition, you might possibly get more money from your claim, however, if you aren’t able to name the worth of each card or comic, you will likely have to sit this one out.
10. Silver & Gold
Most homeowners insurance policies feature a limit ranging anywhere from $2,500 to $5,000 for gold, silver, and pewter, including silverware, dinnerware, along with anything else including the metal. In case your valuable pieces are only plated with expensive metals, this policy limit will likely suffice, although if you have solid pieces, you quite possibly really need more protection.
Protecting Your Personal Belongings
You probably now understand how at risk you might be to have some potential coverage gaps, but there is really no need to worry. This can be quickly remedied with a quick call to your insurance agent. We are happy to help you!