We all know that special feeling when a family heirloom is passed down or when that special someone gives you a piece of jewelry. How would you feel if that item was stolen or damaged in a fire? With Valentine’ Day fast approaching, we felt the need to stress the importance of insuring these special items on a personal Articles Policy.
Most customers come to us with the assumption that these items are covered under their current homeowner’s policy, which is true but the fine print that comes along with this type of coverage is what you should be looking for. A standard homeowners policy will define a dollar amount of coverage given for personal property, however, coverage for jewelry, furs, and firearms usually are categorized with a limited dollar amount for all items as a whole not individually. Another thing to think about would be the deductible on these items if you were to incur a loss, most homeowners deductibles are usually $1,000.
For example, if your homeowner’s policy only covers up to $2,500 and you have a $1,000 deductible if your $5,000 wedding ring were to be stolen, you would only be carrying $1,500 in coverage, not to mention that you would be filing a claim under your homeowner’s policy which will remain on your record for the next 5 years!
When items are scheduled under a Personal Articles Policy valuables are insured for the full appraised value and most are subject to a $0 deductible. When you file a claim it will not register under your homeowner’s policy, and the claim will not affect your future homeowner’s premiums. These policies are as low as $100 a year and that is a small price to pay for peace of mind knowing that your valuables are properly protected!
Call us today if you are unsure if your valuables are protected properly or would like to add a Personal Articles Policy to your current coverage!
At Bailey Family Insurance we offer you choices and options, we can shop you with several different carriers all at once to see which ones fit YOUR needs best. Call or Text us today to see what we can do for you 217-441-2342!