Personal Articles Coverage
According to the FBI, in 2014, property worth more than $12 billion dollars was reported stolen, and about 77% was never recovered.
Many people remain under the misconception or are misinformed that their homeowners policy provides coverage for all the personal belongings, regardless of the type of property, which is not true. Every year, many learn this the hard way when their valuable personal property is damaged or stolen.
Many homeowners don’t carry enough personal property
insurance on their most valuable possessions. Renters overlook
personal property insurance for several reasons. The biggest
reason is because they believe their landlord’s insurance covers
their property(IT DOES NOT). It is important for homeowners and
renters to obtain and maintain the correct type and amount of
contents insurance to ensure their valuables will be replaced
after a loss.
Over the years you may have collected, inherited, or received as
gifts treasured jewelry, artwork, firearms, antiques and other
precious personal property. These items are also valuable to
thieves, who have stolen $1.5 billion in jewelry and $139 million in
firearms. Only 4% of the jewelry and about 10% of the firearms have been recovered.
If you think you are fully covered by your homeowners i nsurance for the loss of these and several other categories of precious possessions, you may be wrong. The contents insurance of your homeowners policy contains sub-limits for valuable items like jewelry, firearms, artwork, and furs.
If you don’t add the right level of coverage for these valuables under your personal property endorsement (or rider), you can expect to pay the full cost for the loss of those items in a fire, natural disaster or theft.