Most homeowners’ policies have limitations on coverage for valuable personal items such as jewelry, furs, coins, silverware and firearms. This means you may not receive the full replacement value if these items are stolen or lost.
Generally, most homeowners’ policies provide coverage for possessions up to 50 percent of the total dwelling coverage amount. For example, if you have a homeowners’ policy providing $150,000, you would be covered for $75,000 for personal property losses.
Homeowners should be sure to read the section of their homeowners’ policies regarding contents and additional coverage. Your insurance agent will be able to provide advice on what personal items should be added to a special rider to an existing policy. This would involve getting a written appraisal or a detailed receipt of the item and its value. Once a value schedule is assigned to the item, the owner has full protection for the total amount if the item is lost, destroyed or stolen.
To learn more about insuring your valuable personal items and how to add a special rider to your existing homeowners’ policy, contact E. R. Munro and Company at 877-376-8676 or visit our Web site at www.ermunro.com.