How Reading Your Homeowners Insurance Policy Can Prevent Disaster

Home Builder Association

Summer is here. Which means sunshine, water sports, and fun vacations. But summer brings with it an increase in crime as well. Burglars are emboldened by open windows, empty homes, and warm evenings for easier prowling.

Anything that you value, a criminal will value as well. What special collections do you have? Are you an avid fisherman with a garage full of expensive reels? Do you love woodworking and have a shop full of specialized woodworking tools? What about jewelry? Or art? Or coins? If you have something you are passionate about it has likely grown into a collection that has value. And if those items were stolen, it would be devastating.

What would be even worse is if you discovered that your homeowners policy didn’t cover the complete cost of that loss.

Most homeowners policies have special limits on liability for typically high theft items. These limits can vary slightly by insurance provider, but most are set at standard amounts. For example, the standard liability limit on jewelry is $1500. Do you have a wedding ring or other jewelry worth more than that? If your homeowners policy has set limits and the jewelry is stolen, you will only be covered for $1500, regardless of the jewelry’s actual worth.

The good news is, you can purchase more insurance through your insurance carrier. Additional insurance is usually quite reasonable, especially considering what you would lose in the event of a theft.

But before you rush off to your agent’s office, sit down and carefully read through your homeowners policy and study the section called Special Limits of Liability. Find the paragraph that addresses those items that apply to you and calculate the value of your belongings. If the standard coverage provided is enough, great! But if not, it’s time to speak to your agent about increasing your insurance.

As we move from spring into summer this year, keep in mind some of those precious items in your home that you would hate to lose. Read your policy. Call your agent. And get the peace of mind you deserve.

For more information on how to customize your homeowners policy to fit your needs, contact Beehive insurance today.

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