Things You Should Ask Yourself Before You Talk to Your Broker About Your Home Insurance Renewal
That glossing over could cost you a lot of money in the event of a claim. So, before your renewal, spend a few minutes to think about some of the following topics, so that you can discuss them with your broker, and get the right advice on coverage.
Jewellery, gems, watches, furs and fur trimmed garments
Most people either don't realize that there are special limits on these items, or that the special limit is for the aggregate value of all these items. If your policy has a special limit of $6000, for instance, that is the total amount that will be paid. $5000 in jewellery, $6000 in furs and $1000 in watches equates to a $6000 claim, unless caused by certain specified perils.
On top of that, many people have no idea what the value of their items is. Have you had an appraisal done lately? That fur that you bought 10 years ago, or the earrings that you got as a gift 20 years ago, has probably undergone a significant change in value.
You can increase your limits by scheduling these items on a Personal Articles Floater.
Do your research, or get appraisals, before your policy is due to renew. Your broker may be able to place you with a company with higher limits or, at least, get the necessary items scheduled.
Coin and Stamp Collections
These items are severely limited, unless you have them properly insured. Coin collections are often limited to as little as $500, and stamp collections to $1500.
The Internet makes it much easier to research the value of these items, at least in approximate terms. Make sure you know the value of these pieces, and let your broker know, when discussing your renewal.
No one wants to find out , at claim time, that the Mint Olympic Coin set they bought is only worth the face value of the coins!
Published by Bob Johnson
From small town weeklies to corporate reports and web sites, Bob has been writing compulsively for more than 30 years. View profile
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1 Comments
Post a CommentGood info! Thanks Bob :)