One primary reason to insure your home in Gainesville, FL, is to protect its contents. Coverage typically includes clothing, electronics, furniture, and similar possessions. However, are your most valuable items covered under a standard policy? We at Peninsula Underwriters Insurance Agency can help you understand more about protecting your valuables.
Coverage Limits on Valuables
Standard homeowners’ insurance policies cover the loss of items such as jewelry, furs, collectibles, watches, art, and so on. However, if these are high-value items, your policy might only compensate you with a fraction of the replacement cost if damaged or stolen. To lower homeowner’s premiums, providers limit liability for a covered loss. Typically, there’s a per-item and an overall limit for losses resulting from a single covered incident, which usually does not fully cover your valuables’ worth.
Options for Increased Coverage
To adequately protect your collectors’ items and other valuables, you could increase the liability limit on your policy. This less expensive option still imposes per-item and per-incident limits. A better choice might be to buy an add-on to your homeowner’s policy and schedule the items you want covered under it. Scheduling your valuables allows for additional incident coverage, like accidentally dropping a ring in the toilet.
One vital aspect to remember is documenting your valuables thoroughly, especially when insuring them on a schedule. Some insurance companies may require you to get an appraisal.
If you need help determining how to properly insure your valuables, feel free to contact us at Peninsula Underwriters Insurance Agency, serving Gainesville, FL. Schedule a consultation today.
