Today’s property insurance policies can be in need of adjustments no matter who your insurance carrier may be. Here’s a rundown of the absolute most common kinds of personal property which need to have more coverage than what is actually’s given on a conventional homeowners insurance policy, along with how much policy coverage you likely have, and what added protection you probably need.
Today’s average residences now possess more TVs that residents, and it is certainly feasible that your standard insurance policy will not take care of all of them, much less the other electronics products in your household. Twenty years ago, a $1000 policy limit on electronics products might have covered everything, however, these days, it will not likely even come close in the event of a significant disaster.
Diamonds just might be a girl’s very best friend, however, when diamonds go missing, insurance coverage is going to be your very best friend. Or potentially your worst enemy in the case that you do not have ample coverage. And in the event that you lose a stone, you are not covered at all if you haven’t scheduled the jewelry involved in your claim.
3. Musical Instruments
Although there may not be policy limits for musical instruments, there are still insurance protection gaps. Ordinary homeowner policies usually do not usually cover breakage or damage, and there’s not any insurance protection if the musical instrument is taken outside the home. The ordinary household is actually less likely to have to worry about things like this.
A general homeowner insurance policy typically gives a coverage limit of $2K to $3K for guns, so if you have a few for recreational use, then this might just be adequate. For some people who love guns and make guns their hobby, large gun collections might mean significant claims– that may be denied if you don’t have sufficient coverage.
Furs are customarily contained in jewelry policy limits, so if you’re traveling in style with your jewelry and furs, just remember you can only claim up to $1K collectively.
6. Artwork & Antiques
Should you have an original Renoir or Picasso, then you can and ought to get more coverage. Basic homeowner policies don’t ever even come close to providing enough protection for items such as this. To stay clear of this, buy special coverage for your artwork.
7. Coins & Money
For coins and cash, most homeowner insurance policies only have a $200 coverage limit. This includes the money in your wallet at the time of loss too, including bank notes, bullion, medals, and coins.
8. Stamps & Valuable Papers
A basic policy limit on important papers is $1K, but normally it’s not the actual piece of paper that holds the value. It is going to be the relevant information on the paper. Things like stamp collections can be insured for a larger amount.
9. Cards & Comics
When it comes to card collections and comic collections, it can be tricky to prove value, and many homeowners insurance policies basically provide standard coverage. If you can verify authenticity and condition, you might possibly get more money from your claim, yet if you aren’t able to name the market price of each card or comic, you may be out of luck.
10. Silver & Gold
Most homeowners insurance policies possess a limit ranging anywhere from $2,500 to $5,000 for silver, gold, and pewter, including silverware, dinnerware, as well as anything else consisting of the metal. If your valuable pieces are merely plated with expensive metals, this policy limit will suffice, however if you have solid pieces, you probably may need more protection.
While coverage gaps may exist, there’s no reason to worry. This can be easily handled with a call to your insurance agency. We can help.