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Don’t assume you have the proper insurance coverage. Discuss policy limitations with your company
Don’t assume your homeowner’s insurance policy will insure all of your household possessions and valuables. You need to discuss all of your policy limitations with your agent. If you collect valuable comic books, or have valuable jewelry, you might be surprised to find that you are not covered for the full value of your property.
Sometimes, big-ticket or specialty items like jewelry need to be separately insured. There are items within a home insurance policy that are covered, but will have a low limit for the coverage. For example, most policies will limit the amount of coverage for theft of jewelry to $1,000. If you have an engagement ring, you will probably exceed this limit pretty easily. Other items with limited coverage amounts include guns, watches, furs, and collectibles (for a complete list, consult with your insurance agent).
If you have possessions you think may fall in this category, don’t forget to ask your insurance agent about them and about what coverage you can add to your policy to be covered properly. Most items with limited coverage can be scheduled so that they are insured to the limit. The coverage for scheduled property is usually much more broad than that of your standard policy.
Simply ask your insurance agent what items have limitations on the amount of coverage. Your agent should be able to provide you a list (there is one included with your policy contract). Bottom line; You wouldn’t want to have a loss occur only to realize the your property was not covered adequately under your current insurance policy.
» Take a home inventory before a loss occurs.