Ho, ho, ho! It is that time of year, and we are giving and receiving new consumer goods. While this can be a lot of fun, it is smart to make sure that your new possessions have sufficient coverage in the event you lose them due to fire, theft, etc. So, here is a quick rundown of some of the most frequent kinds of personal property that may be subject to property insurance gaps.
Today’s typical residence now holds more televisions that it does inhabitants, and it is very feasible that your standard insurance policy does not have enough coverage to cover them, much less the rest of the electronics products in your household. Thirty years ago, a $1K policy limit on electronics might have covered every little thing, yet nowadays, it will not likely even come close in the event of a major disaster.
Diamonds certainly can be a lady’s best friend, nevertheless, when diamonds go missing in action, insurance coverage is generally going to be your very best friend. Otherwise, it can be your worst enemy when if you have failed to have adequate coverage. And if you lose a stone, you are not covered and protected at all.
3. Musical Instruments
Although there may not be policy limits for musical instruments, there are still coverage gaps. Everyday homeowner policies don’t cover breakage or damage, and there is not any coverage if the musical instrument is taken outside the home.
A basic homeowner insurance policy usually includes a coverage limit of around $2,000 for guns, so if you have a few of them for recreational fun, this may well be sufficient. For some people, guns are a major hobby, and big gun collections may mean the potential for substantial claims that may be denied if you don’t have ample coverage.
Furs are typically contained within jewelry policy limits, so if you are journeying in style with those your jewelry and furs, keep in mind you can usually only claim up to $1,000 collectively.
6. Artwork & Antiques
Should you have an original Rembrandt or Andy Warhol, then you can and should get more coverage. Basic homeowner policies do not come close to providing enough insurance policy coverage for items like this. To steer clear of this, acquire special protection for your artwork.
7. Coins & Money
Most homeowner insurance policies only have a $200 coverage limit on money and coins. This counts the funds in your wallet at the time of loss too, including bank notes, medals, bullion, and coins.
8. Stamps & Valuable Papers
A standard policy limit on important papers is $1,000, and yet normally it is not the actual paper that holds the value– it’s the information on the paper. Things like stamp collections may be insured for a higher amount, but maintain your tickets and passports in a safety deposit box.
9. Cards & Comics
When it comes to comic collections and card collections, it may be not easy to prove value, and many homeowners insurance policies merely provide standard coverage. You will need to establish authenticity when filing a claim so make sure you have your ducks in a row on this one.
10. Silver & Gold
Most homeowners insurance policies have a limit ranging anywhere from $2,500 to $5,000 for gold, silver, and pewter, including dinnerware, silverware, and anything else including the metal. If your valuable pieces are gold plated, this policy limit is going to suffice, nevertheless, if you have solid pieces, you most likely are in need of more protection.
All of these potential gaps can be easily fixed. Just contact us!