Specialty insurance is probably not the first thing on your mind when you start shopping for homeowner’s insurance, but it is an important consideration. You have wrapped your home in a gated entry, and feel that your homeowners insurance has you “covered!” However, did you know you can increase the amount of coverage for personal property – your personal belongings inside the home? You may be surprised that many policies include limits on certain items, most of which are higher-end purchases you may have made through the year, such as cameras, electronic equipment, guns, and jewelry.
Let’s say you decide a policy with $50,000 in personal property coverage should be sufficient, you owe it to yourself to check into any limits your insurer will pay to replace or repair them. Thinking you “have it all covered,” you may not read through the policy and see something like: “$500 limit on guns” or “$1,000 limit on computers.” What will be your response when you experience a loss and file a claim only to find your $50,000 in personal property coverage will only cover up to the policy’s limits on certain listed items?
It is time to find peace of mind…
Talk to me… make sure that you not only feel comfortable with the policy you’re buying, but that you fully understand any possible limitations. We will discuss additional riders that are available and you can describe or show any special items you own, such as collectibles, jewelry, or artwork. With my experience with multi-carriers, I will know which carrier offers a rider, that can easily be added so you can obtain sufficient coverage, or at the very least, schedule the items at a stated value or appraisal cost. We can make a knowledgeable decision whether some of your special items will require additional coverage; rather like a spin-off from a homeowners policy – that will provide coverage for just those specialty items you choose.
Be aware that you’ll have to provide appraisals to ensure adequate coverage, and that you should always have your special items appraised regularly to maintain adequate coverage in the event the items increase in value.