Recently our insurance agency received an e-mail from a long time client asking if he is “all-set” as far as his personal property coverage goes. Especially, he mentions because they’ve spent quite a bit of money on jewelry and watches over the years.
That’s when my inner, insurance agent alarm started ringing:
“SPECIAL LIMITS ALERT! SPECIAL LIMITS ALERT! SPECIAL LIMITS ALERT!”
The standard, broad form, Massachusetts homeowner insurance policy has “Special Limits of Liability” for special items.
Such as: the most the insurance company will pay for loss of money, bank notes, bullion, gold, coins etc is $200; $1,000 limit for jewelry, watches, furs, precious and semi-precious stones theft loss; $1,000 limit firearms theft; $1,000 loss securities, deed, manuscripts, tickets, stamps (etc).
In order to have adequate coverage for such items (& antiques, fine art & collectibles), you can schedule onto your policy per appraisal.