Everyone has possessions of value in their home, some of a high monetary worth and some which simply hold a great deal of importance to the owner. With a typical home insurance policy the major items in a home, including appliances, furniture and clothing, are covered in the event of a theft or loss. There’s also some of coverage for other valuable items, such as jewelry, personal computers or antiques.
The dollar value paid out on these valuables by a home insurance policy can be quite low, however, and is often not nearly enough to cover the cost of the item. To avoid this from happening, many insurance companies offer another level of home item insurance, such as a “premium” or “ultra” coverage. However, even this type of policy will not pay out for extreme or rare situations, like a valuable being damaged by a houseguest. In situations where high-value items in a home fall outside the scope of even the broadest home insurance policy, a personal articles floater may be a viable option.
When a personal articles policy is purchased, it will require a detailed list or “schedule” of the property that will be covered. Each item must have an appraised value attached to it, and some insurance companies will require proof of that appraisal. If a loss occurs the insurance company pays out the lowest of the following options: actual cash value, the amount the property could reasonably be expected to be repaired or replaced, or the amount of insurance.
So, that wedding ring your spouse purchased for you, make sure you get coverage! Sentinel Assurance is here to help, let us know what your needs are.