Will you be giving that special gift for Valentine's Day?
We wanted to remind you that your homeowners policy has some limitations for high valued items.
The personal property coverage provided on a Homeowners, Condominium or Renters Insurance policy contains “Special” coverage amounts ( more like limitations! ) for certain types of property. Some of these items include:
- Money & Precious Metals *($200)
- Securities, Passports, Stamps *($1,500)
- Water Craft & its equipment *($1,500)
- Business Property *($2,500)
Some property is limited for losses caused by theft:
- Jewelry, Watches & Furs *($1,500)
- Firearms *($2,500)
- Silverware & Goldware *($2,500)
* designates the standard policy limitation.
In addition to the basic homeowners policy being limited to the amount of coverage - it also has limitations as to the kind of losses that are covered. Mysterious Disappearance is not covered on your standard homeowners insurance policy. Should your diamond fall off your ring and you can’t find it – your homeowners policy will not provide any coverage.
Personal Articles Floater
To provide the limits and type of coverage needed for your high valued or “Special Items” you’ll need to purchase a Personal Articles Floater. A Personal Articles Floater will provide the desired limit in addition to the most comprehensive form of coverage.
What Limit of Coverage?
After a loss, insurance companies will only reimburse you for what it would cost to replace your ring or diamond. Inflated appraisals don’t do us much good when we insure our jewelry, furs or other valuables for the appraised amount (and pay premiums based on that amount) when the insurance company is only going to pay the cost to replace the item.
I like to insure my jewelry for what I paid. When proof of value is needed in order to add your ring to your policy - you can use your bill of sale.