What Does my Homeowner’s Policy Actually Cover?

| 359 Words | 3 Min Read | D. Hiester |

You, as conscious homeowners, have a pretty good idea of what your homeowners’ policy covers because you read your policies carefully!  You think your homeowners’ policy covers your home and your belongings – which, for the most part is true.  However, if you have high-end value items that should be insured, such as jewelry, art, electronics, weapons, etc., you will want to pay special attention to the section in your policy that addresses limited or no coverage at all on such items.

A policy with a $1,000-$1,500 limit on a noted item(s), that’s the most you can recover in case of theft or damage. For example, if a $2,000 or $2,500 (or more) piece of jewelry or technology is damaged or stolen, you will only receive $1,000-$1,500 as that is the policy limit.

Consult your agent about adding insurance endorsements, or a rider, by providing increased coverage for your belongings.

For instance:

· Read your Insurance Policy: Know your policies coverage limitations on such items as jewelry, electronics, art, weapons, etc.

· Have your valuables appraised:  Often companies require appraisals for items having a value over $5,000.  Furnishing a concise detailed list to your insurance agent of the actual value of these high-end belongings is a great idea.  Be sure to review and revise the list at each renewal plus remember to let your agent know about newly purchased articles.

· Create a home inventory: Use your phone to take a video of your assets – your agent can advise you as to what the company likes to see.

· Take Stock of your Electronic Equipment: Expensive technology can be a devastating loss if not covered adequately.  Should a claim arise, on any high-end article, a detailed list can move that process along quicker.   

· Check your Neighborhood’s Crime Rate: If you live in a community where the crime rate is high, you may have a greater need for additional coverage to protect your valuables.

Providing coverage for your valuables can be inexpensive and very helpful at a time of loss.  Call us at (970)-352-9500 or find our homeowners page here.