Did you know that there are limits to what you will get on your personal property if it is not individually scheduled on your policy?
How much will I be paid for damage to my personal property?
Remember that homeowners insurance is designed to cover general personal possessions, not valuable collections like antiques, jewelry or original art. Insurance companies deliberately limit their coverage of expensive possessions so that household premiums are more affordable to everyone. After all, if they had to cover museum-level art collectors under standard homeowners policies, we would all end up paying higher premiums to cover those expensive items.
Your policy lists the specific monetary limits for personal property under what is called "Special Limits." Those limits usually are:
- $200 for money, bank notes, gold and silver (other than goldware and silverware), platinum, coins, and medals.
- $1,000 on securities, accounts, deeds, evidences of debt, letters of credit, notes (other than bank notes), manuscripts, passports, tickets, and stamps.
- $1,000 on watercraft, including their trailers, furnishings, equipment and outboard motors.
- $1,000 on trailers not used for watercraft.
- $1,000 for loss by theft of jewelry, watches, furs, precious and semiprecious stones.
- $2,000 for loss by theft of firearms.
- $2,500 for loss by theft of silverware, silver-plated ware, goldware, gold-plated ware and pewterware.
- $2,500 on property on the resident premises, used for business, and $250 on this property damaged or lost away from the premises.
If these limits seem low to you (maybe that engagement ring is worth much more than $2,500), you may wish to talk to your Trusted Choice® agent about additional coverage for specific items.
