You’ve purchased your homeowner policy, documented all your contents and personal property and you feel good knowing you’re protected.
Then you have a loss and find your priceless artwork, firearms and electronics are not covered to their full value.
Little did you know, but you should have had a Scheduled Personal Property endorsement to cover these items.
In this article, we’ll talk about the categories of personal property and the special limits of liability that are on each on a standard homeowner policy.
Coverage C on your insurance policy covers your contents and personal property under a blanket amount of (normally) 50% of the dwelling coverage. For example, you have $100,000 on your home, contents would be insured for $50,000.
However, there are certain items that are not fully covered within that limit.
Money, bank notes, bullion, coins, medals, etc. are covered with a blanket (max) amount of $200.
Securities, deeds, evidence of debt, notes other than bank notes, manuscripts, passports, tickets and stamps have a $1500 (max) limit.
Below is a list of other items and the amount they are covered for that may surprise you….
*Watercraft of all types including trailers, furnishings, equipment, engines and outboard motors, $1500.
*Trailers or semi-trailers (all types) not used with watercraft – EX: horse trailer, utility trailer, etc., $1500.
*Jewelry, watches, furs, precious or semi-precious stones, $1500.
*Firearms and related equipment (holsters, ammunition, etc.), $2500.
*Property used primarily for business (computer in home based business), $2500.
*Property away from premises used for business purposes, $500.
*Electronics and accessories while in or on a motor vehicle that can be operated at home OR in the vehicle (CD’s; tapes, wires, iPod, etc.), $1500.
*Electronics used for business (same restrictions apply as above), $1500.
Again, these are blanket amounts which means the total amount you can be reimbursed for any combination of items within the same category, is the maximum liability limit.
In addition to these limited items, below are items that are (normally) not covered under the contents portion of a standard home policy:
*Property specifically described and covered elsewhere in the policy (by endorsement) or covered under a different policy.
*Animals, birds, fish.
*Motor vehicles except those not required to be registered for use on public roads (motorized wheel chair)
*Property of boarders
*Business data, credit cards and EFT cards
So, if you have extensive collections of firearms, artwork, etc. be sure and check into a Scheduled Personal Property Endorsement. Some items will require an appraisal but, should you have a total loss to your home, it’ll be well worth the time and effort to insure them properly.
Until next time take care and remember (in the words Ben Franklin) “an ounce of prevention is worth a pound of cure.”
Tommy Curtis and Staff
Is an insurance agent with integrity and your best interest in mind. Call to speak directly to him.
Address: 509 7th Street
Lake Charles, LA 70601
Office Hours: M-F 9a - 5p (CST)