Homeowners Insurance Sub-limits

21 Oct Homeowners Insurance Sub-limits

Let’s be honest, most of us do not read the fine print on our insurance policy. I would like to share some common homeowners sub-limits  that appear on most homeowner’s policies that you may or may not be aware of.

At a glance when you look at your home insurance policy you see:

• • Dwelling (Coverage A): a certain limit

• • Other Structures (Coverage B): typically 10% of A

• • Personal Property (Coverage C): typically 50% of A
• Loss of Use (Coverage D): typically 20% of A

And then the Liability portion.

We may assume that all of our content would be coverage under Personal Property –Coverage C, but that is not true – there are sub-limits to many items. The first most important one is Jewelry, Fine Arts and other specialty items are really only covered if you actually schedule them onto your policy. Most carriers require you to provide an appraisal with pictures to justify the $ amount you are looking to insure. These items will be scheduled on to your policy. They will be listed by item, there will not be a bulk $ amount for all jewelry.

Here is a list of the most common sub-limits:

• • Money, Gold, Coins – Coverage for these items is typically limited to $200.

• • Water craft, trailers, and jewelry, watches, and furs, precious and semi-precious stones – You likely have a sub-limit of $1,500 but only for theft. And there may be a sub-limit per item.

• • Firearms –most policies have a sub limit of $2,500.

• • Silverware – up to $2,500 on the typical policy.

• • Business property (on premises) –$2,500 is a common limit for this property.

• • Business property (off premises) – Take your show on the road and you may be limited to $500 in coverage if it’s stolen.

• • Computers also have a sub-limit – check your policy, in most cases the limit is a value of 1 or 2 computers, many of us have more.

• • High End Theater and electronic systems – also have sub limits – you may be better off scheduling.

My general rule of thumb is if what you have is a typical house hold item, you should schedule it.
It is always good to have pictures, appraisal if possible and receipts in case of a loss

So go ahead, check your policy and please feel free to call our office if you have any questions, you can always request a quote from our website: https://markerinsurance.com/home/ or call (954) 456-7505.

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