If you have some items in your home with significant monetary value that you consider precious, it would probably be devastating if those items were lost or stolen. Whether it is your grandmother’s emerald necklace that was passed down to you, a rare coin collection, or an established firearms collection, you know these belongings would be difficult to replace, especially if your valuables don’t have the right type of protection in place. Do your valuables have the right protection should a covered loss happen?
Know the Policy Terms and Conditions
Your Florida homeowners insurance policy does provide coverage for your personal belongings such as furs, jewelry, cash, firearms, art collections or any other valuables; however your policy also comes with provisions, conditions, limitations, and exclusions. If you aren’t familiar with the terms and conditions of your homeowners insurance policy, you may be faced with a coverage denial or limitations of coverage that simply won’t come close to replacing your stolen or lost valuables.
Imagine that you go out of town for vacation only to return to find your home has been burglarized and many of your precious belongings have been stolen. Not only do you feel violated and anguished, but also when you call your insurance company, you find that there are specified limitations on valuables as stated in your insurance policy. Suddenly you realize that with your standard Florida homeowners insurance policy, your jewelry and other valuables can’t be replaced with the amount of money to which you are entitled.
Protect Your Valuables with an Endorsement
Your standard homeowners insurance policy can be amended with an endorsement referred to as a “scheduled personal property endorsement” or a “rider” designed to cover any valuable items for their replacement value should a covered loss occur. The good news is that protection for your expensive, cherished items is relatively inexpensive given the peace of mind that comes along with it. It is always recommended you contact your local Florida independent insurance agent to discuss your valuables and options to properly insure them.
Typically, you should always keep an inventory of each personal belonging that you wish to endorse along with photos, receipts, detailed descriptions, and current appraisals. By doing this you will have the proper documentation to reflect your prized possessions’ true value so should you experience a covered loss, such as theft or loss, you will be adequately compensated and not subject to limitations.
If you have any questions regarding a personal property endorsement to properly insure your valuables, contact our office at 941-921-2102 TODAY. Don’t wait until it’s too late to consider the protection you need for your valuables.