Homeowners policies include coverage for personal property like clothes, furniture, yard maintenance equipment, etc. Typically this personal property is covered on a named perils basis (fire, theft, est.) and a replacement cost basis (replaced with new).
That sounds good so far, right? However, most policies also limit coverage on specific types of personal property such as – jewelry, fine arts, silverware, furs, guns, etc. For instance, you may have $10,000 worth of jewelry, and your basic homeowners policy limits it to $3,000. If you had a loss, you might be a little unhappy.
Most companies offer a “Personal Articles Floater” endorsement that allows you to schedule the specific higher valued items. This endorsement normally gives “all risk” type coverage with no deductible. The cost is usually between 30 cents to 90 cents per $100 of coverage per year.
If you have one or more of these higher valued items, check your policy to see what the current limits are or feel free to call or email me. I will be happy to discuss this or any insurance needs you have. 507-226-8121
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