February 7th, 2012

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Will My Homeowner’s Insurance Policy Cover My Picasso?

Will my homeowner’s insurance policy cover my Picasso?  This is a question we often get from our clients…. Okay, not really, BUT, there are a number of other items for which people frequently wonder whether or not they have coverage under their homeowner’s insurance policies. 

More often people call to inquire whether they have insurance coverage for certain items, like a wedding ring, a baseball card collection, or an limited edition painting .  While the answer is usually YES, it is our job to also inform the client that there are usually coverage limits for each of the above items.  Nearly all homeowner, condo, and renter’s insurance policies have separate limits for individual items that tend to be expensive such as electronics, jewelery, artwork, or collections.  Since these limits very from company to company and from policy to policy, it is important to discuss with your insurance agent the need for any such types of coverage. 

If you have any of the following items valued over $1,000 and aren’t certain you have the proper protection, please give us a call to review your coverage:

• Wedding Rings
• Watches
• Other Jewelery
• Paintings
• Other Artwork
• Collections: Cards, Comics, Memorabilia
• Guns
• Computers
• Audio and Video Systems

If you have any of the above it might be wise to add a special amendment to your policy known as a ‘floater’ to increase the limits of coverage.  This will help insure you are made ‘whole’ in the event of a loss.

Even if you don’t have any of the above, it is a wise idea to create an inventory of everything you own.  Should you ever get robbed or have a fire, this makes it much easier for the insurance company to help you replace things.  The “Insurance Information Institute” provides a couple quick and easy tools for you to do this.  The first is at www.knowyourstuff.org.  If you prefer to do it using a cell phone, you can download the inventory app using your iphone: http://itunes.apple.com/us/app/iii-inventory/id475840890. 

If you have any questions or don’t know where to start, please give us a call or stop by the office.  We look forward to continue serving you.