Special Property Insurance

Ormond Beach, Daytona Beach, and Palm Coast, Florida

Most of the run of the mill homeowners insurance policies will extend plenty of coverage for personal possessions, usually offering a limit equal to half of the amount specified for the home (if the residence itself is covered for $300,000, this means your contents are covered for $150,000). Although this usually gives adequate coverage, it does not extend to all property for all causes of loss. Certain types of property, because of its high value and liquidity, is extremely vulnerable to loss because it is fragile or frequently stolen. There are restrictions on basic coverage so make sure you understand your homeowners insurance policy!

Limits to Theft Coverage

If your property is lost due to theft then coverage under a standard homeowners insurance policy is strictly limited (typically between $1,000–$2,500) for the following:

  • Jewelry, watches, fur coats, or gems
  • Silverware, serving sets, trophies, and other property made of or plated with silver, gold, platinum, or pewter
  • Firearms, accessories, and related items

Limits to Other Coverage

Some more categories of property are subject to low coverage (generally between $200–$2,500) in a basic homeowners policy:

  • Money, bank notes, coins, medals, gold, silver, and platinum (other than jewelry or silverware)
  • Securities, accounts, deeds, tickets, stamps, manuscripts, passports, and related property
  • Watercraft and related property including towing trailers
  • Trailers not used with watercraft
  • Business materials located in your residence
  • Business materials located away from your residence
  • Certain electronic property (Televisions, DVD players, computers, and corresponding accessories) that is lost or damaged while in a car or is located away from your home and used for business

More about the limits of homeowners insurance coverage

Do you need extra coverage for your valuable property? - We will approch the issue of limited coverage with one of the following methods:

  • Increased Coverage C Endorsement — This form is directed towards theft losses and is attached to a basic policy increasing the theft insurance limit, for example covering jewelry from $1,500 to $5,000.
  • Scheduled Personal Property Endorsement — If property has protection reduced for all sources of loss then this is added and the property is then removed from the basic policy's limits. Your property is individually listed and given specific insurance coverage exclusive to the endorsement. Appraisals are recommended to set the endorsement and to check the value every few years thereafter.
  • Inland Marine Property Floater — Similar to the Personal Property Endorsement except it is a separate insurance policy covering very high value items, and provided by only select insurance companies. If you seek such coverage, you may need to meet special requirements such as having an alarm system or vault storage. Appraisals are highly recommended for the Floater and should be redone every few years to determine increase in value.

Need a free quote for Special Property Homeowners Insurance? Contact Mitchell Noel to find out why an independent insurance agent can help.

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