A standard homeowner’s or renter’s policy will cover many personal items however there are a few things you should be aware.
There are limitations such as loss due to fire or theft. Your home or renters policy may cover jewelry but is it enough and what’s the deductible? How much is left after that??
Jewelry: Do you have a few nice jewelry items you wear each day? A diamond wedding ring and maybe a special necklace? Here are a few scenario’s I see all the time and they just break my heart!
1. I lost one of my diamond earrings (the policy doesn’t cover you losing it).
2. My wedding ring was stolen on vacation. The rings value: $2,800. Your policy covers: $2,500. The bad news is your deductible: $1,700. What’s left to replace your ring??? $800 Did that hurt even worse…Yes!
No worries there are really inexpensive policies you can purchase. They offer protection from the “mysterious disappearance” of precious jewelry, as well as stones (say falling out of their settings) and you can opt for no deductible, $50 deductible, etc. These policies would amaze you at how inexpensive they really are!
Now, that I have your attention how about these items:
Artwork: If you own one or two high-quality pieces of art, it’s a good idea to have them appraised regularly and covered under a fine art “floater” on your homeowner’s insurance.
Identity: Identity theft insurance (sometimes called identity fraud insurance) is now commonly available as an endorsement to a standard homeowner’s policy or a standalone product. This one is such a life saver! According to the Insurance Information Institute, “Identity theft insurance provides reimbursement to crime victims for the cost of restoring their identity and repairing credit reports.” This means it may help pay for everything from stamps to legal fees should your information be stolen. An identity theft policy does not reimburse you for money stolen via identity theft; however, it just helps you to pick up the pieces.
Muscial Instruments: I always think about my kids transporting their instruments back and forth to marching band? A garage band? These once again are inexpensive and will give you such peace of mind. These are expensive items!
Computers: Nowadays, we all have a few computers at home and the kids are using them more often than us. Accidents happen and many of these items are so small and easy to steal or misplace. Make sure you consider a stand alone policy that will cover accidents, hard drive crashes, WIFI and LCD failure issues.
Hearing Aids: Mom and Dad aren’t getting any younger or maybe it’s for yourself or a child in the home. Hearing aids are so expensive and so easily misplaced or even thrown in the trash on accident. This is a policy that you will be thankful to have.
Firearms: My husband would be quite disappointed to hear that the limit can be low on firearms and once again the deductibles when you use your home policy are high. Make sure your protecting your protection.
Collectable Stamps: These are very sensitive items as well and a popular hobby. Let’s see if a stand alone policy is a good fit.
and the list goes on…..just ask myself or a team member (is my stuff covered…what exclusions….what’s a better option). We are here for you so please ask away!