According to the FBI’s Uniform Crime Reporting (UCR) Program, there were over two million home burglaries in 2012 throughout the United States. In addition, there was a total of over $4.7 billion in property that was stolen during these burglaries. Hopefully these individuals had adequate homeowners’ or renters’ insurance to cover their financial loss.
Although high value items are included in coverage, homeowners’ insurance and renters’ insurance alike, may put limitations of the allowable amount to be reimbursed for certain high value items. These items may include:
- Expensive clothing
- Coin collections (or other collections of high worth)
- Musical or recording equipment
A typical policy may place a limit for your high value items at $1,000; which for many of the above listed items is usually not be nearly enough to recover the full value of the item, or items, if they are stolen.
Aside from protecting your home with additional security measures to deter any theft from occurring, there are ways to provide yourself (and your things) with additional protection – like an extra insurance policy. There are “floater” policies available for high-value items like jewelry, priceless art collections, etc. The policies are added onto your current homeowners’ or renters’ policy and essentially expand the coverage limit for stolen items. These add-on policies, like your regular homeowners’/renters’ policy, will also provide coverage outside of theft, such as damage from a covered disaster or loss while on vacation.
If you think your coverage may have a gap in it, contact our office to go over your home inventory to make sure you have the right amount (and type) of coverage to protect against any event.