Question: Does my homeowners insurance cover special items, such as jewelry and art, or do I need extra coverage?
Answer: Most homeowners-insurance policies cover jewelry, art and collections the same as they would any other possession, subject to your policy’s deductible and coverage limits.
For example, most homeowners policies limit coverage for possessions to up to 75% of your dwelling coverage. If you have a policy that provides $100,000 in coverage for your home, you also would have no more than $75,000 in coverage for all of your possessions. (Bing: Why buy homeowners insurance?)
The policy also may cover only the depreciated value of the items, not the replacement cost. That can make a big difference with something such as antique furniture, which can appreciate with age.
Coverage for certain items, such as jewelry, typically is limited to $2,000 to $3,000 total, unless you buy separate coverage for each item.
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Although your general policy may cover items for fire damage or theft, they may not be covered for other damage, mysterious disappearance or theft from a location other than your home, such as your car.
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But you can buy special coverage for certain valuable items; this is called "scheduling it separately," and it can eliminate the deductible and add coverage for breakage, disappearance and off-premises theft. Scheduled items are insured for their appraised value, or the cost to buy the items at their retail price, rather than their depreciated value.
Plus, some specialty insurers, such as Fireman's Fund and Chubb, can add up to 50% beyond the coverage limits if the price of an insured item has increased since it was last appraised.
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When deciding whether it's worthwhile to insure items, look at the price per $1,000 of insured coverage. The cost to cover a piece of art can range from 90 cents to $2 per $1,000 of insured value, for example; coverage for jewelry tends to cost more. You may get a discount if you have a home-security system or if you keep your jewelry in a safe.
Consider buying special coverage for individual items that are worth at least $10,000. Or get blanket coverage for an entire collection, rather than buying coverage for each item separately.
you have to watch insurance companies. hartford ranks #1 badfaith insurance company in the US.
google FBIC and see the top good and bad faith insurance companies in the US. don't be fooled by the tv ads.
be sure to record all calls and meetings with adjusters. i know......if recorded..you lie you pay.
I was in a barber shop not too long ago and a patron was having a lengthy discussion about his experience wiht the company that insures his home. It seems that this man and his wife fowned a home with an alarm system. I do nnot know the town or neighborhood. His family went out for the day,without turning on the alarm system. Upon their return , their home had been burglurized. Naturaly,
he phoned the local police and reported it to the insurance company. After weeks of investigation, and itimizing each piece of property taken, which totaled over $6,000. The insurance company setteled with them for $1,000! How is that possible?! The patron at the barber shop stated that he and his wife were penalized for not setting their alarm. If they had set the alarm, they more tthan likely would not have suffered any loss! I am asking, is that legal? Do most insurance companies operate that way? I would like to hear from someone out there. Thanks Howard
The insurance companies want you to pay but NEVER use it. For every homeowner that has to place a claim there are thousands that pay for a life time and NEVER file a claim. Not to mention that once you have to file a claim your premiums either go up or they find a reason to drop you. Most insurance companies are nothing more than rip offs, period.
Another plug for more insurance for eveything you can think of with the odds heavily in favor of insurers. Sorry but I never could afford more insurance than basic homeowners and auto liability insurance both required if you have a home loan or want to drive your car legally.
Maybe I will think about getting insurance for my cat Hoochi if she should get sick or injured. That will probably be the next mandated pet care insurance by goobermint.