What type of coverage do you need?

For certain categories of personal property (jewelry, art, antiques, and others) a basic homeowners policy has limits on how much it will pay, as well as what conditions of loss or damage are covered. A quick review will tell you if you need a rider for your more valuable goods.

The "standard" HO-3 policy comes with the following limits on Personal Property. These limits may be different on your policy. Make sure to check your policy or talk to your agent for the details of your policy.

  • $200 on money, bank notes, coins, precious metals, stored value cards and smart cards
  • $1500 on securities, accounts, deeds, evidences of debt, letters of credit, notes, manuscripts, personal records, passports, tickets and stamps (limit includes cost to research , replace or restore the information from the lost or damaged material)
  • $1500 on watercraft of all types, including trailers, furnishings, equipment and outboard engines or motors
  • $1500 on trailers or semitrailers not used with watercraft of all types
  • $1500 for loss by theft of jewelry, watches, furs, precious and semiprecious stones
  • $2500 for loss by theft of silverware, silver-plated ware, goldware, gold-plated ware, platinum ware, platinum-plated water and pewterware
  • $2500 for loss by theft of firearms and related equipment
  • $2500 on property, on “residence premises”, used primarily for “business” purposes
  • $500 on property, away from the “residence premises”, used primarily for “business” purposes. 
  • $1500 on electronic apparatus and accessories, while in or upon a “motor vehicle”. Accessories include antennas, tapes, wires, records, discs or other media
  • $1500 on electronic apparatus and accessories used primarily for “business” while away from the “residence premises” and not in or upon a “motor vehicle”. Accessories include antennas, tapes, wires, records, discs or other media that can be used with any appartus described above.
Fortunately, most or all of these limitations can be increased or the items can be scheduled on the policy with a rider. Give us a call if you have any amounts over these limits.
Posted 10:13 AM  View Comments

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