Rice on the Side
Diamonds Are a Girls Best Friend...
When’s the last time you took a moment & looked through the different items you have in your home. Whether you live in an apartment, house, condo, or van down by the river – all of us have items that may be a bit pricier than others. As well as those items that are simply irreplaceable. Have you inherited any jewelry, coins, stamp collections, or furniture from a relative? Or do you just happen to have impeccable taste in electronics & entertainment equipment. No matter what those items are – they need to be taken into account when looking at your home or renters insurance policy. Every policy is going to include a limit of “Personal Property” coverage, on most policies that’s going to be listed as “Coverage C.” This limit is an umbrella of sorts, covering those items that would fall to the ground if you were to pick your home up & shake it out.
The place where each policy differs is going to be on the smaller restrictions, within that limit. An example, if you have $75,000 in personal property coverage within your home – but the policy has a limit of $5,000 for jewelry, and $7,000 for fine art pieces. If you happen to possess more jewelry or fine art than those limits will cover, you can either ask your agent to increase that specific coverage. Or, if you have appraisals for individual items, you can ask that they be scheduled onto your policy. Scheduling is your insurance company’s method of listing each item individually, with its specific value. So that in the event of a claim, there are no questions as to the pieces you own, and their values. Some of the other items that people don’t usually realize they can schedule are their different forms of personal farm equipment, musical instruments, comic books, cell phones, and computer/media equipment. All of these items can be insured, usually without a deductible, and on an agreed value basis.
For more information on these different options, or to take a closer look at your own policy – give your agent a call. Or, as always, feel free to contact me, either via phone or email. I’d love the chance to make sure you & your family have the coverage you need!
