J Wood Insurance Blog
A big gap in insurance coverage for most homeowners and renters is for personal property. A typical homeowners policy often has very limited coverage for theft of your most valuable personal possessions like your wedding rings, a valuable collection of guns, records, memorabilia, etc.
Always ask your independent agent these questions:
1. What are the limits of coverage for my personal property?
This will encourage your agent to dig into the policy details with you and make sure you are covered.
2. Are there any upgrades to my policy that extend more coverage for my personal property?
Many insurance companies have different levels of coverage that can be added for next to nothing extra and will be enough to give you the coverage you need. If not, they will offer a rider, which is like a small policy attached to your homeowners that will extend extra coverage to specific items.
3. Are there any special exclusions in this policy that is different than a typical HO3?
Many insurance companies like to sneak in little exclusions (ex. they do not extend liability coverage for bites from one your dogs). You can work with your independent insurance agent to make sure there are no exclusions that may affect you.
Always disclose what valuable items you own and their value during your homeowners insurance quote so that your independent insurance agent can help you compare policies and provide you a quote for an additional policy to cover these items if you do not have enough.
Remember, your independent insurance agent is as big an asset to you as the policy you buy and their expertise is free!