Tom's Blog
Protecting your home from burglars and maintaining safety in your home is always important and many guidelines have been outlined this month to protect your home and your belongings from intruders. However, even if you follow the given guidelines of home security and safety, you could still be a victim leaving your home and valuables exposed to theft, loss or damage. Insuring your personal property (valuables) for replacement cost or agreed value will give you peace of mind that if your valuables are stolen, lost or damaged, you will be sufficiently compensated under your N.C. homeowners policy.
Be aware that there may be coverage limitations on your valuables under your standard N.C. homeowners policy. While Coverage C (Personal Property Coverage) of your N.C. homeowners policy does provide coverage for contents/valuables, it may not be enough!
Below are Some of the Personal Property Items That May Have Coverage Limitations:
- Firearms
- Coin Collections (rare and current)
- Personal Computers
- Cash
- Jewelry
- Silverware
- Furs
- Stamp Collections
- And More!
Remember the neighbor in my earlier Blog this month that had her home burglarized twice in the last four years and all of her valuable jewelry had been stolen? Under the standard N.C. homeowners policy, jewelry has a specific limitation ($1500) for theft so the claim payout would only be $1500 regardless of the value of her stolen jewelry, without having an endorsement or schedule for the stolen jewelry. For example, if the value of her stolen jewelry was $50,000, she would only receive $1500, less any applicable deductible. Contact your local N.C. independent insurance agent today regarding the coverage of YOUR valuables.
Protect Your Valuables Under a Schedule or Endorsement For a Nominal Fee
Having adequate coverage for your valuable personal belongings is not difficult to do. Your local N.C. independent insurance agent can answer any and all of your questions regarding your collectibles and add special endorsements to compensate for the coverage limitations that may apply. Before you make the phone call or visit to your independent insurance agent’s office, here are some things you may want to do first:
- Take inventory/photos of all your valuables
- Keep your inventory in a safe place outside your home and update it on a regular basis
- Obtain current appraisal(s) on your jewelry or other collectibles from a professional appraiser to establish the value
- Have a prepared list of all questions you need answered regarding your possessions
After doing the above things, you are ready to make that phone call to your local N.C. independent insurance agent to discuss the best way to handle your possessions and which items may have coverage restrictions. Your agent can assist you on whether agreed value, replacement value or actual cash value is right for you. After all, you can put a price tag on your valuables but the security of knowing they are protected is priceless!
