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Fishman
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Joined: 04 Apr 2008
Posts: 63
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29.23 Dollars($)
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 Posted: Thu May 22, 2008 8:03 pm Post subject: Have you read your homeowner policy lately?
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If not, pull it out and turn to the section titled "special limits on certain property" or something similar to that. Gun owners particularly need to be sure to discuss the value of your gun collection with an agent.
As a public service here is some food for thought on the subject:
Almost all preferred homeowner policies include a package of coverage that includes coverage for your personal property, or contents. These items are covered for a broad range of listed coverage, but sometimes this included coverage may not be enough. There are many reasons to consider adding specific coverage for a certain item(s).
These reasons include: The regular home policy limits coverage for certain categories of items, even for specific perils such as loss from a theft. Your contents coverage under the base home policy will be subject to the policy deductible. If you have enough “special” items, the contents coverage limit on the policy may not be enough. The coverage for contents on the base policy is only for specific named perils, while this special coverage typically provides coverage for more situations than the base policy.
If specific coverage for certain items or categories of items is desired, it is written on what is known as an Inland Marine policy, or scheduled articles coverage. Common types of items to be scheduled for specific coverage include jewelry, guns, coin collections, computers, silverware, etc. Usually, a specific amount of coverage is assigned to specific items insured on this coverage. An additional premium charge will be made for such coverage, but it may be insignificant compared to the value of the item(s) covered.
For many homeowners, the contents coverage included in the base homeowners policy may be enough, but if you have an item(s) of particularly high value, or a collection of a certain category of items, it is a good idea to ask your homeowners insurance agent if special coverage is available for that item(s) so you can consider whether or not to add Inland Marine, or scheduled article coverage. |
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