You’re a diligent and responsible homeowner or renter, always ensuring your insurance policy is current and your payments are made on time. However, did you know that some of your possessions might have limitations to their coverage?
Let’s test your insurance knowledge. Which of the following situations is 100% covered by a standard insurance policy?
A. Several items from an inherited set of Tiffany silverware have gone missing after a party.
B. You forget your Rolex® in a hotel room.
C. A hot water heater bursts and floods the basement, destroying a 1986-1987 Fleer Michael Jordan Rookie Card.
D. None of the above.
The correct answer is “D” But why?
Homeowners insurance is designed to help protect against unanticipated losses caused by fires, thefts and other disasters, however, it doesn’t cover accidental losses like mysterious disappearances (“b”). Additionally, expensive things that are easily stolen (“a”) or valuable, and difficult to replace items (“c”) may be subject to sub-limits, which is the maximum amount an insurer will pay as specified by the policy.
To avoid falling victim to insufficient coverage, Emerge Insurance Agency recommends taking the following three steps:
Additional items that may not be fully covered by a standard policy include fine art, rare stamps or coins, wine collections, antiques, expensive jewelry and collectibles. Call us to learn more.
EMERGE INSURANCE AGENCY
Cecil Williams -
Emerge Insurance Agency
5991 Chester Avenue, Suite 103
Jacksonville, FL 32217