Don't Assume It's Covered

Did you get a nice piece of jewelry for Valentines Day this year? If so, it is important to understand what articles are automatically covered under your personal property insurance and which articles you may want to Schedule.

The contents of your home such as furniture, clothing, electronics etc. are considered personal property. Your personal property can be found under coverage C of a dwelling policy. These items will be covered as long as you own it as the insured and as long as it is used by you as the insured anywhere in the world. The limit of your personal property coverage is based off of the amount your home is insured for, typically this amount is 70% of the homes insured value.

There are limits of liability that apply to many items. The following is the common limit on each article but it is important to remember that many insurance companies vary.

*Money, bank notes, gold other than gold wear, silver other than silver wear, coins & medals: $200

*Securities, accounts, deeds, evidence of debts, letters of credit, passports, tickets & stamps: $1,000

* Water craft, trailers, furnishings, equipment and outboard motors all under 50 HP: $1,000

* Trailers not used with water craft: $1,000

* Theft of jewelry, watches, furs, precious and semiprecious stones: $2,500

*Loss of firearms by theft: $2,500

*Theft of silverware, silver-plated ware, gold ware, gold-plated ware and pewter ware: $2,500

* Property on the residence premises used for business purposes: $2,500

Discuss with your agent what limits you have on these certain personal property items and keep in mind you are subject to your deductible in case of a loss. If you feel that your articles are worth more than the policy limits then you should add the Scheduled Personal Property Endorsement. This endorsement allows you to increase your limits of coverage on your valuable articles and covers you for mysterious disappearance. This means for example if you drop your ring down the drain or lose it on a trip your item will be covered.Scheduling is not subject to your deductible and usually runs about ten dollars per thousand.

So make sure your valuable items you own are fully covered with the Scheduled Personal Property Endorsement.

Always remember, here at CIS we have over 30 years of insurance experience, which makes us not just agents but insurance specialist.

http://www.cisforyou.com/