It is the holiday season. That means that you may be in the process of acquiring some new things. Just so you aren’t caught off guard in the event of a property insurance claim, here’s a list of some of the most common types of personal property that it may be in your best interest to review:
The ordinary household these days now has more televisions in it than people, and it is quite possible your everyday insurance policy will not provide enough coverage to replace all of them, much less the electronic devices in your residence. Thirty years back, a $1K insurance policy limit on electronics might have covered every little thing, yet now, it will likely not even come close in the event of a significant disaster.
Diamonds certainly may be a girl’s best friend, although when diamonds go missing, it more likely that insurance is going to be your best friend. It can also be your worst enemy if you don’t have sufficient coverage. If you lose an expensive piece of jewelry and you want it to be covered in the event under “mysterious disappearance,” make sure you schedule it.
3. Musical Instruments
Although there usually aren’t policy limits for musical instruments, there are still potential coverage gaps. Typical homeowner policies do not cover breakage or damage, and there is not any protection if the instrument is removed from the home.
A basic homeowner policy usually includes a coverage limit of $2,000 to $3,000 for firearms, so if you own a few guns for recreational purposes, this might just be sufficient. For some folks, though, guns are a hobby, and significant gun collections can mean high-value claims. These can be denied if you don’t have adequate coverage.
Furs are commonly included in jewelry policy limits, so if you are traveling in style with those your jewelry and furs, remember you can usually only claim up to $1,000 collectively.
6. Artwork & Antiques
If you have an original Renoir or a Rembrandt, then you can and will need to get more insurance protection. Basic homeowner policies don’t ever even come close to providing enough coverage for items such as this. To steer clear of this, purchase individual insurance coverage for your artwork.
7. Coins & Money
Coin collectors might be upset to discover that most homeowner insurance policies only have a $200 coverage limit on money and coins. This additionally includes the money in your wallet at the time of the loss too, including bank notes, bullion, medals, and coins.
8. Stamps & Valuable Papers
Your standard policy limit on important papers is $1,000, and yet normally it’s not the actual piece of paper that holds the value– it’s going to be the information and facts on the paper. Things such as stamp collections could be insured for a larger amount, but keep your tickets and passports in a safety deposit box.
9. Cards & Comics
When it comes to comic collections and card collections, it can be challenging to prove value, and many homeowner policies merely provide standard coverage. If you can confirm authenticity and condition, you might get more money from your claim, but if you cannot name the value of each card or comic, you may find yourself out of luck.
10. Silver & Gold
Most property insurance policies do have a limit ranging anywhere from $2,500 to $5,000 for silver, gold, and pewter, including silverware, dinnerware, as well as anything else including the metal. In case your valuable pieces are just plated with precious metals, this limit is going to suffice, yet if you have solid pieces, you probably really need more protection.
We encourage you to sit down and think about the items in your life that may need more insurance. Then, reach out to us and let’s talk about an action plan for you.