We are often asked if certain possessions are covered under a members’ home insurance policy and we noticed that several common items were asked about most often.
Wondering if it’s covered? Check our handy list below.
Note: Although most coverage under a homeowner insurance policy is fairly standard within the industry it is important to note that limits and exclusions can vary. We recommend that you review your policy coverage annually, never hesitate to ask about unique or high-value items you own to ensure they are covered under policy limits or if additional coverage can be purchased which offers the right protection for you. It’s also important to consider and discuss your policy deductible. In many cases, your deductible of $1000 or greater could greatly impact the decision to claim against a loss. An additional premium is typically charged to list items on a separate rider to reduce or eliminate a deductible being applied. Check with your insurance provider to be sure!
Your boat or watercraft may automatically be included in your policy contents (depending on the value and horsepower of the motor). For those which exceed the basics, we can list all related watercraft coverage to ensure it’s fully protected (there are some limitations in regards to the length of the watercraft, the speed or horsepower and of course the value). Need more than a homeowner policy can provide? A separate boat application can be considered for those which exceed your policy limits. Discuss all watercraft needs with your insurance representative, including sailboats or personal watercraft items such as sea doos and jet skis.
Your golf clubs would typically be covered under your homeowner’s personal property for anywhere in the world you may travel with them. If you golf local, your policy most likely also includes coverage for a personally owned golf cart when used for golf purposes or stored in your garage.
Your policy likely has a personal property limit which applies to your jewelry. It is most often recommended that high-value items or large jewelry collections be appraised and insured under a separate rider listed on your insurance policy. This category often includes watches, gems, fur garments and garments trimmed with fur.
Have a pricey watch? It would be treated the same as any other jewelry you may own. Check policy limits and schedule it separately if necessary.
Your policy includes coverage and limits for a variety of collectables, including sports cards, sports memorabilia, and comic book collections. Stamps and philatelic property (such as stamp collections) are also covered but may have limits separate than your other collectables. Coin collections may also be categorized separately.
Your homeowner insurance policy includes coverage for musical instruments for personal use under your personal property (contents coverage). If you have more than the basics it’s a good suggestion to review with your insurance agent and provide a list to be kept on file.
Included in collectables, see above.
Damage to gifts purchased which you haven’t even had a chance to exchange with family and friends on Christmas Day? Your personal property will cover this loss, dependent on policy limits and subject to a deductible. If you’re an extreme Christmas giver and have purchased items including a new car for your spouse, an ATV or snowmobile for the kids or that Harley Davidson motorcycle that dad always wanted be sure to arrange coverage at the time of purchase through your insurance agent, don’t leave it until Christmas morning to realize you have no insurance protection on these wonderful gifts.
Depending on the size of your wine collection, it’s truly best to speak with your insurance adviser. Your basic policy likely isn’t specific for this category, but a high-end collection should be duly noted and discussed.
Appraisals are always recommended and often required for any fine arts or antique collections. Depending on the value, you may want to consider compiling a list of items and values to present to your insurance specialist. You may need to consider purchasing additional coverage to avoid depleting your personal property limits with a large collection.
LAWN & GARDEN TRACTORS (INC GOLF CARTS)
Be sure that tractors fall within the limits of horsepower for your liability as well, but your homeowner policy will definitely include reasonable limits for such equipment including all necessary attachments (for lawn cutting, snow blowing, etc).
Be it a “personal use” hand pushed snowblower (self-propelled if you’ve treated yourself at the time of purchase) or an attachment for your tractor to clear the driveway, you’re covered under your homeowner contents coverage. Take note of your policy deductible when reporting a claim, high-end equipment may exceed both the policy limits and your deductible. Commercial use of a snowplough or snow blowing is not covered under your homeowner policy and will typically require commercial insurance protection, it’s a tough market so do your homework researching insurance coverage before committing to any business use in clearing snow.
Some examples of other items which may have specified policy limits or require additional insurance attention can include silverware, watercraft, and bicycles. We’re only a call away to discuss any of your insurance inquiries.
Please contact us with any questions you may have about this or any other topic related to your insurance.