Many homeowner insurance companies provide great blanket coverage for things inside and around your home. However, some items require more specific coverage in order to be properly insured.
1.) Jewelry: Most homeowner policies include some limited coverage for jewelry. Usually a policy will cover one piece of jewelry up to $1,000 in coverage. If you own an expensive piece of jewelry, you must schedule that jewelry onto your policy in order for it to be covered for replacement cost.
2.) Computer Equipment: If you are using your computer for personal use, most policies include some coverage for your equipment. However, if you are self employed and using your computer equipment for business you would need to add a rider onto your home insurance policy or purchase a separate policy to ensure you are covered correctly.
3.) Artwork: Insuring artwork is similar to insuring your jewelry. Most insurance policies include a standard value for artwork inside your home. However, if you have a specific piece of art that is valued over the amount allotted on your home insurance policy, you would need to schedule it onto your policy.
4.) Specialty Tools: Are you a mechanic or a carpenter? Then you probably have tools that ensure your livelihood. Specialty tools need to be either added onto your home insurance policy or written on a business policy if they are worth a substantial amount of money. If you use your tools for your business but store them at your home you would need to purchase a separate business policy to make sure you are covered.
5.) Pets: Most home insurance policies cover animal liability, meaning if your dog bites someone you have liability coverage. However, some breeds of dogs are excluded from this coverage. If your dog is excluded you would need to purchase a separate liability policy.
For more information check out this article featured on MSN: http://money.msn.com/insurance/5-household-items-you-should-insure
If you have any questions or would like us to review your insurance policy, please give us a call at 352-787-7548.
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