Although your property policy offers a wide range of coverage to protect your home and property, it also contains conditions that will restrict or limit coverage. For example, under Section C – Personal Property, items such as jewelry, watches, furs, money, sports collections and silverware are subject to “special limits”. This will create a problem should any of these items become lost or stolen.
Here’s an example: while on a recent vacation, you lost your $8,000 diamond ring. Although you were originally quite upset over the loss; you’re now feeling much better knowing it can be replaced. After all, you had the ring appraised and your policy shows plenty of coverage. You contact your insurance company and report the loss.
After a few days, you receive some bad news: your insurance company will only offer you $5,000. You’re informed that your policy contains a $6,000 jewelry limit and the $1,000 policy deductible has been applied.
Please remember to contact us when you purchase an expensive or unique item. If it requires any additional coverage, we can insure it separately on a “personal articles floater”. This way, your item will be insured to its appraised value and it won’t be subject to a special limit or the policy deductible. A personal articles floater can also insure a collection you have accumulated. (Appraisals are required).