Homeowners Insurance Not Enough? | Special Property

Standard homeowners insurance is not always adequate to cover all of your possessions.

The homeowners policy has specific limitations with regard to certain classes of property. It is important to understand these limitations in terms of making sure that your belongings are properly protected.

Special classes of property include but are not limited to cash, jewelry, firearms, fine arts, antiques and collectibles.

These types of property are properly covered on a personal inland marine floater wherein the insured and the insurer agree upon the value of a specific object scheduled on a policy. The agreed to value is generally based on an appraisal or a receipt generally no older than two years in relationship to the policy effective date. The insurer agrees with the insured to pay claims for loss to the scheduled property based on the value contained on the appraisal or receipt. Appraisals must be updated every two to three years depending on the insurer.

Generally speaking, the maximum coverage for cash is $200, while the maximum coverage for loss by theft of jewelry is $1,000. Firearms are typically covered to a maximum of $2,000, while fine arts such as sculptures or Persian rugs are covered to a maximum of $2,500. Musical instruments such as a piano or guitar are usually covered to a maximum of $2,500, while antiques are only covered on an actual cash value basis. Memorabilia and collectibles that tend to appreciate in value over time such as coin, baseball card and wine collections require insurers with familiarity and expertise in these classes of objects. Please give us a call or send us an email and it will be our pleasure to make sure that you are adequately covered with respect to your prized possessions.