Insuring Your Valuables

You may be surprised to learn that some items on your Arizona homeowners insurance policy have a coverage cap. That means should you have a claim the insurance company has a maximum they will pay out for certain losses.

Jewelry, for example, is often limited to a maximum of $1500 in the event of a loss. Do you own jewelry worth more than this basic limit? How do you cover your jewelry for more than this limit?

Simple, you obtain appraisals on your jewelry and submit copies of those to your agent or insurance carrier. They will (schedule) place coverage on your Arizona homeowners insurance policy to cover these specific jewelry items.

When you are insuring your valuables scheduling jewelry also may offer you a better coverage, called All-Risk. Sometimes scheduled jewelry also is not subject to a deductible.

There are other items you may need to add specific coverage for – collectibles, firearms, art work. Be sure to talk with your agent if you own valuables. There may be limits on electronics, such as computer items, as well.

Please do not take it for granted that your homeowner insurance policy is a catch-all for everything you own and every possible claims situation. If you have a doubt or question about a valuable item you own call your agent. If he or she does not have your answer they can call their carrier and underwriter to get an answer.

We mentioned jewelry earlier. This is probably the biggest personal property item that insured’s fail to properly insure. When a loss occurs is not the time to inquire whether it is covered or not. Do it now.

Also, every time you receive your insurance renewals let this be the time you contact your agent and review your policy, changes in your life over the past year and potential gaps in coverage. This is true with auto and homeowner insurance.

Avoiding Theft and other Claims

Recently I got my realtors license and have heard horror stories. One story goes like this: thieves will act like they are interested in buying homes. They ask a realtor to send them pictures of homes in an area. What they sometimes are searching for are pictures of private areas, like bedrooms, so they can enlarge the photos and determine if valuables are ripe for stealing.

Thieves may break into the home or simply arrive in masse for an open house. If one real estate agent is holding down the fort and in walks five seemingly prospective buyers it is impossible to keep your eye on everyone.

If you are selling your home take precautions by removing valuables first. If you have valuables keep them in a locked safe that is not easily carried away. It may be impossible to protect yourself from every possible situation you can at least take measures to make yourself less vulnerable.

Ask your agent to review your coverage and the items you own that may need to be scheduled or additional coverage added.