Special Limits in Your Homeowner Policy

Your homeowners insurance policy places limits on certain types of property. In your policy there is a section titled “Special Limits on Certain Property.” This section will list various items and place a dollar limit on each type of property- such as jewelry, fine arts, guns or money.

Why do insurance policies contain such provisions? The homeowners insurance policy is written to provide coverage for the average policy holder. Most of us do not own collections or keep large amounts of cash at our homes. While the policy provides some limited coverage for special types of property, it in no way serves the needs of the unique collector.

There is, however, a solution for the collector or owner of unusual property items. It is possible to amend your homeowners policy, by endorsement, to provide special coverage for unique collection items such as coins or stamps. By asking your agent to include a schedule property floater in your coverage, you can specifically insure items of special interest. The personal property floater also expands coverage for perils not included in the homeowner policy.

Specialty Items Coverage

We are only a few weeks away from the Friday after Thanksgiving. This means that soon people will be flooding the malls trying to take advantage of the big Holiday sales. It is during this time of year that we like to always remind people that there is limited insurance coverage in all homeowner policies for things such as jewelry, guns, furs, coin/stamp/baseball card collections and silverware. No matter who your homeowner insurance company is they will only pay out a max of $1000 to $2500 for the items I just listed. The reason they do this is they feel these types of items are best covered under a scheduled personal articles policy. A scheduled personal articles policy allows you to specifically schedule items like rings, silverware, hunting rifles, coin collections, etc, for a certain value (based on a certified appraisal or sales receipt). If you currently have or are getting ready to purchase items such as these please call or email your Fey Insurance Services representative. They will help make sure these valuable items are best covered.