Wednesday, May 18, 2011

What Homeowner's Insurance Doesn't Cover

We all have homeowners insurance, but just what does it cover and are there other things that I should be concerned about?

Sure it covers damage to property from fire, theft, wind, hail, explosion and smoke as well as many other things but what about your personal items?

Many people are not aware of the Maximum Limits of Liability that are a part of all homeowner’s policies. For example there are many special limits of liability that are applied to protect the insurance companies.

There is a $200 limit of liability on paper money, bank notes, bullion, gold, platinum, coins and medals.

Also common is a $1,000 to $1500 limit for theft of jewelry, watches, furs, precious stones, watercraft, watercraft trailers and grave markers and that is NOT per item.

The insurance company will pay up to $2,500 for loss of firearms due to theft and they typically will pay $2,500 for loss of silverware, silver plated ware, gold ware, gold-plated ware, and pewter ware due to theft.

When was the last time you inventoried your personal valuables? Have you acquired items that have not been added to your policy by means of an endorsement?

Coverage can be relatively inexpensive considering the exposure you may have without the added coverage. For example a Fine Art rider for a painting valued at $10,000 can cost as little as $11.00 a year or less than $1 a month!

Don't be caught in need of personal property homeowners insurance when it's too late, make sure you are covered for the items you value by contacting your agent today.

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