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Aug 29

Be aware of the limits on specific items within your Property Insurance policy!

JewelryThere is a rumor out there that not everyone salivates over reading their insurance policies 🙂  So, for the large majority of people who skip reading and simply file the 20-100 pages of legal verbiage in their property insurance policy, I would like to quickly highlight a few specific imitations on nearly every one of these policies:

  • Money – This generally includes cash, coins, bank notes, bullion, gold, silver, or other similar items
  • Jewelry – This is probably the most common limitation known, but it does differ widely on the specific limits. Although we don’t represent them, Jewelers Mutual is a good option for many with specific jewelry coverage needs
  • Firearms – Having many more than one or two “normal” firearms may put you above the policy limit
  • Silverware – This generally includes silverware, silver-plated ware, goldware, pewterware, flatware, and other items made from these precious materials
  • Art – This might include paintings, sculptures, stained glass, or other items
  • Electronic Equipment – Although the price of electronics has come down, the total value of these items in a home has probably increased, and it may be above the limit in your policy
  • Collectibles/Antiques – This could include trading cards, comic books, various antiques (the things that have maintained or increased in value that can’t easily be purchased new today)

The above list is NOT a complete list, so you’ll want to check your policy (or ask your agent) for the specific limitations within your policy, as each company and policy may have different categories and different amounts.  Additionally, many companies have an overall “single-item” limit that is generally a percentage of the Personal Property coverage limit.  For example, a policy with $75,000 Personal Property coverage and a 5% cap would limit any item value at $3,750 (this is separate to the other specific item limitations in the policy).

If you have questions about your specific policy, take a moment to call your agent to discuss, as there are usually options to “schedule” those items to the policy or cover them in a separate “personal articles floater” policy.  The important thing is to make sure you have the right protection before a loss occurs…