Homeowner’s insurance policies include personal property at a fixed amount based on the replacement cost of your home. However, coverage amounts may be limited for certain types of personal property and if any of those items are stolen or damaged, your policy may not cover the loss fully.
Examples of items that have coverage limitations are:
- Musical Instruments
- Cash and coins
- Sports cards
- Other collectibles
- Silver and gold
- Business property
These coverage limitations help keep policy premiums affordable. Without these sub-limits, homeowners with less than the included values of the above items would end up paying for more coverage than is needed.
If you have more than a few of any of the above items, other collectibles or items that are of special value to you, discuss them with us. We can tell you how much coverage you have and exactly what is insured. Learning that a treasured possession is only partially covered, or not covered at all after a claim occurs, is most unpleasant.
The good news is, there are several options to cover your valuables, and some insurers may even allow you to increase your coverage without an appraisal. Most companies offer what is called a “floater” on an “all-risk” form, which will cover your personal items regardless of the cause of loss (with few exceptions).
Even if your main homeowner’s policy doesn’t cover things like earthquake and flood, scheduling valuables on this all-risk form may include losses caused by these types of incidents. While most companies will require an appraisal when a special schedule floater is added, properly documenting the item is a good practice that will help you out at claim time.
Losing valuables is an unpleasant experience and while insurance may not restore your unique, treasured collectibles, it can give you the comfort of being able to replace those items. If an item was damaged by a covered peril, your coverage will give you the funds to repair the damage.
Don’t make the mistake of assuming your valuables are covered. Discuss your needs with us to make sure your property is properly insured.
BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.
Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.
BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits; 9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.
Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
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