Watch our video to learn more about the limits of coverage by the owners!
Often when we have a new representative claims losses handling of goods, the first requests they receive are what I call the allegations "starter". It is the owners relatively simple claims relating to personal property (also known as "Content"). The reason I start with them is twofold. "Special Limitations" there are many of these types of losses to come in, and even if they are not complicated, they give the representative a constant stream of claims contain elements subject to
homeowners policies are designed to cover the needs of the average homeowner. This means that the insurance company provides certain types of articles to exist on the property covered. There is a cover for home and other structures (outbuildings, fences, mailboxes, etc.) on the premises, then there is "content" normal articles to the occupancy of the house, which must also be covered. The policy is generally based on amount of coverage for these contents on the amount of coverage for the home. It assumes that a bigger house will be more content, or a custom home has custom furniture and appliances can be upgraded. However, there is a potential flaw in this reasoning, so that the policy goes further by limit coverage for certain types of goods that everyone ends up with the same basic coverage. Examples of the type of property that is subject to this coverage "Special Limitations" includes money, jewelry and watches, precious metals, furs, firearms and property used for commercial purposes. Some of these items are limited only when a theft occurs, others are limited to any cause of loss.
therefore return to my new representative claims. He (or she) is learning something that many policyholders may not be aware they do not have sufficient coverage for these types of property. Many of the items subject to "special limitations" are also prime targets for theft. Cash, jewelery and silver cutlery are small and easily cast into pillowcases and transported out of the houses, but most policies limit coverage for theft losses for these items. Given the recent rise in precious metal prices, items purchased ten years ago could be worth much more today. Another area where the basic coverage could fail is when lightning damage items used for business such as computers and high-end printers. Policy owners anticipate that you might have some elements used for a home business, but no more than a few. For many new claims representatives, their first tough call to a policyholder whose loss exceeds a particular limit.
For years after starting the processing of applications, I thought $ 1,000 in coverage for jewelry on my policy was sufficient to cover this little jewelry I owned. Although it was worth more than $ 1000, he was rarely in the same place at the same time (some of them was always on me while the rest was home). When I inherited jewelry from my mother, I knew my coverage increase to handle the increased value of my collection (one of the benefits of working in the insurance industry!). Whenever I admire a new item to a friend received as a gift, I take this opportunity to ask them if they are properly insured. Some laughed and said that I seem more like a salesman than a representative claims, but I want to avoid bad news to them after a loss.
Do you have enough coverage to the "Special Limitations" items? If you are not sure, take a minute to go over your coverage with your insurance agent. You may be very happy you did!
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