Your homeowners insurance policy covers lots of stuff. But there are things that are excluded. Such as flood, a big issue here in the Utica area.
But today we’re concerned with property coverages that are limited in the home insurance policy. Limited, that is, in the amount the insurance company will pay. And/or the kind of loss, usually theft. This is important because if you own any of these items, you may not have the right amount of insurance.
So we thought it a good idea to provide you a list of some of this property. Thing is, you can raise the limits on many of these so you’ll get the coverage you need. Or insure them separately.
We’ll list the items, amounts and short descriptions, but you must refer to your policy for actual coverages. And, there are more items listed in your policy such as money, securities, deeds. Here we list property that is more typical to our customers in the Utica area.
Note: This article is an overview. You must refer to your own policy for limits and coverages.
List of Items with Special Limits of Liability on Homeowners Insurance
- $1,500 on watercraft of all types, including their trailers, furnishings, equipment and outboard engines or motors.
- $1,500 on trailers or semitrailers not used with watercraft of all types.
- $1,500 for loss by theft of jewelry, watches, furs, precious and semiprecious stones.
- $2,500 for loss by theft of firearms and related equipment.
- $2,500 for loss by theft of silverware, silverplated ware, goldware, gold-plated ware, platinumware, platinum-plated ware, and pewterware.
- $2,500 on property, on the residence premises, used primarily for business purposes.
- $500 on property, away from the residence premises used primarily for business purposes.
What You Should Do With These Homeowners Insurance Special Items
In a nutshell, if you have watercraft, trailers, jewelry, firearms, or silverware, think about their value. Get them appraised and compare with the above limits.
But don’t worry. Our insurance companies provide special policies for your jewelry and silver. Also watercraft policies. These cover not only your boat and its contents but also your liability. And we can handle expensive firearms and collectables that really should be insured separately.
And what if you run a business from your home? You’re especially vulnerable because of your liability exposure. So it’s not just the $2,500 limitation on business property you need to worry about.
We have special home business insurance policies that may fit your situation. Or more comprehensive business insurance policies that help manage larger enterprises.
The upshot: if you’re worried about particular items you own. Or you’re running a business from home, give us a call at 315.792.0000. We’re here to serve you.
Until next time,
Your SZW Team
SZW Insurance is your Utica area Trusted Choice™ independent insurance agent. Call us for a quote on insurance for your home, car, business, or life at 315.792.0000. Or request a quote here.