THURSDAY, AUGUST 13, 2015
A lot of high-ticket items make their way into our homes around the holidays, engagements, birthdays and anniversaries, but it’s not often we think of them as additional assets that might need to be covered by insurance.
Most homeowners policies typically limit how much a policyholder can claim, and sometimes the homeowners policy won’t replace an item, depending on how the loss occurred. Coverage on some items is limited based on what the item is (like a camera) or on how the item is used (such as for business purposes).
Quiz yourself with these common scenarios to test your policy knowledge:
Your son’s new laptop was stolen while he was waiting at the airport. Is that covered?
......................Yes, but you must pay your deductible.
Your husband’s new iPad fell out of the car into a puddle and is ruined. Is that covered?
......................Probably not, as many policies have exclusions for neglect.
Your wife lost the setting on her engagement ring at the gym. Will your policy replace it? It depends.
......................Most unendorsed homeowners policies do not provide coverage for personal property that is lost or broken. Most often, jewelry, watches and furs fall into special categories with specific limits that apply to that classification. Many policies limit the amount of coverage for loss due to theft of items such as jewelry, furs and firearms.
You had a theft in your home and more than $10,000 worth of jewelry was stolen. Is that covered?
....................Well, only a specific dollar amount will be covered unless there is an endorsement. Some policies require receipts, pictures or an appraisal for each piece of jewelry you report stolen.
How to proceed
Exclusions and restrictions don’t have to be confusing. Make a list of the valuables your family has – the ones that you would want covered in case of loss, theft or damage – and call us to find out exactly what your policy covers. You may be able to purchase an endorsement that will provide the coverage you want.
A simple home inventory is a must
Ask us for tips on how to create a home inventory with receipts and photos. Store that information somewhere secure outside the home in case your computer is ever damaged or stolen. If you're a Dublin homeowners insurance customer of Alan Galvez Insurance, get our FREE mobile phone app that has a home inventory feature. You can even send us a copy as backup!
Call us today at 937-592-4871. You’ll never regret having taken the time to ask questions.
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