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Coverage for Certain Types of Personal Property

Do you have coverage for jewelry, firearms, silver ware, money, or such things on your homeowner’s policy?  The answer is, “Yes, you have coverage for the same perils as your other contents and subject to your policy’s contents limit and deductible” but…… 


There is a section in your home policy entitled, “Special Limits of Insurance for Certain Personal Property,” of which you should be aware.  Some examples of these limitations are maximum limits to be paid out in the event of theft of certain types of items.  Most home policies have a maximum limit of $1,000 for theft of jewelry; a theft limit of $2,500 for guns and their accessories; maximum of $5,000 for theft of silverware, gold ware, pewter ware.  If your possessions have a higher value than this, you may want to look into more coverage. An option to consider if these theft limits might not be adequate for you is to schedule these types of items. This means to itemize them out specifically on your homeowner’s policy with a  description and set value. By listing the belongings, the deductible would be waived in the event of a loss and the theft limitation would not apply to the scheduled items. It is also important to keep the scheduled items updated so that the list is accurate if you experience a loss.


Some other limits are a maximum of $250 for a claim loss of money, bank notes, coins, precious metals and a limit of $1,000 for securities, checks, accounts, deeds, and similar types of items.  These limits usually cannot be increased.


If you have any questions on these conditions of your home policy or would like to pursue scheduling items, please contact our office.