Here's why you should list specific items on your home policy.
While most homeowners understand that their policies offer coverage for their personal belongings, you may be surprised to learn that this coverage is subject to certain limitations. These limits are especially troublesome when it comes to covering high-value items such as jewelry, antiques, electronics, and so on. Fortunately, you can circumvent these limits by listing specific items on your homeowners insurance policy. Here's what you need to know.
Deductibles
Unless your personal property is specifically itemized on your home insurance policy, you will have to pay deductibles if you file for a loss. As many homeowners set high deductibles as a way to save money on their premiums, this can present an issue. If your deductible is higher than the value of the item you are trying to make a claim for, your insurance will not do anything to cover the item. To prevent this from happening to you, speak to your insurer to see if you can list specific items on your policy.
Replacement Cost Vs. Agreed Value
When you list personal belongings on your policy, you have a coverage decision to make. If you decide to secure coverage for the listed item's replacement cost value, your insurance will offer coverage for the item without factoring in its depreciation.
If you want to secure coverage for an agreed value, you and your insurer will agree on the value of a listed item. Should you file a claim for this item, you will receive this amount.
These are some things you should consider when listing specific personal belongings on your homeowners insurance policy. Do you have additional questions regarding your personal property or home insurance coverage? If so,
contact the experts at
Club Agency Insurance Brokerage in Garden City, New York for assistance today.
