Important Items to Include on Your Homeowner’s Policy

Did you know that most home owner’s policies have a very low limits for lost, stolen, or damaged items such as jewelry and firearms?   If you have a jewelry box filled with $6000 worth of jewelry and your home is burglarized, your standard home-owners policy may only have $2000 in jewelry coverage.  While the policy limits may vary slightly, the same principle holds true for each of the categories below.  Because of this, It is a good idea to list any item in the following categories with a value of over $2000 on your policy.  To list an item on your policy, you will need to provide a bill of sale or an appraisal to show the item’s value.  The cost is minimal and is based on the item’s value.  Even if you have a high deductible on your policy, by listing items separately, you can choose a lower or even zero deductible for each item.  This makes it easier to replace the item should it get damaged or stolen.

  1. Jewelry- Even if you never remove your wedding and engagement rings, it is possible for a diamond to fall out of its setting.  There is nothing more heart-wrenching than to look down and see an empty set of prongs.   Listing your special jewelry on your policy can ensure that should your diamond fall out, you can get it replaced quickly.
  2. Firearms- Even if your guns are locked away in a safe, it is a good idea to have them listed individually on your policy. This ensures a replacement if it is stolen while at a gun range or if a broken pipe causes a flood that damages your safe.
  3. Musical Instruments- If you have budding musicians in your home and are investing in nice instruments, listing these on your policy can provide you with extra protection. While this does not apply to instruments used commercially by a professional, it does cover an instrument being used by a non-professional- even when it is away from home.
  1. Photography Equipment- You have saved and invested in that nice camera and set of lenses to document your travels or kids as they grow.  Listing them on your home-owners policy can protect you if a lense gets dropped and broken, or worse, your camera is stolen or destroyed.
  1. Collections and Fine China Dishes- You have spent years building this collection, or maybe you inherited it from a family member.  Listing it on your policy will ensure that you receive its full value should a natural disaster, fire, or theft occur.

If you have questions on a specific item and are wondering if you should list it on your policy, feel free to contact us.  Our goal is to make sure that you have the coverage you need at the best value.