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Imagine a bag full of gifts, where each gift represents the various assets or items on your insurance policy. The bag has a limit on how many gifts it can hold, just like your policy has limits on how much coverage it provides.
If the bag overflows, you can’t add more gifts. Similarly, if your insurance claim exceeds the policy limit, you may
have to pay out-of-pocket.
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What’s already covered under your Homeowners insurance policy?
Your personal property is covered under your homeowners or renters policy. Most belongings in your home are considered personal property: appliances, furniture, clothing, tools, electronics, and more. Imagine if your policy had to replace all of your personal items after a covered loss. Would it be enough?
It’s important to be aware of your policy limits in case such damage occurs. For valuable items like jewelry, firearms, designer accessories, and other costly pieces, it’s wise to make sure they have adequate insurance coverage. For details on what your policy covers, review your policy and pay attention to limits and exclusions. For specific questions about your coverage, contact your insurance agent.
Additional coverages for your valuables
Let’s say you bought a new living room furniture set, acquired valuable antiques, or got a new set of golf clubs. After reviewing your current homeowners or renters coverage, you discover you need some extra coverage. Alfa® offers an additional coverage called scheduled personal property that provides extra protection for your belongings, subject to your deductible and policy limits. This endorsement can be added to your existing homeowners or renters policy at any time. Keep in mind that although scheduled personal property provides supplemental coverage, it still may not be enough to fully replace your items of higher value.
Do you need a Personal Articles Policy?
In addition to the financial protection provided by your homeowners, renters, or scheduled personal property coverages, there’s still another option: a personal articles policy. This separate policy is specifically designed for high-value items that need more coverage than your standard policy offers. Personal articles policies are ideal for prized possessions like diamond rings, fine arts, furs, collectibles, golf clubs, firearms, musical instruments, and more. Items on a personal articles policy are protected wherever they go, so you don’t have to worry about your coverage lagging behind. Typically, to be eligible for a personal articles policy, you’ll need to have a homeowners or renters policy in force.
As you exchange gifts with loved ones during the holidays, you might find yourself with new items like the latest tech gadget or expensive jewelry. Although it’s not a conversation anyone wants to have, determining the cost or appraisal value of your gift can ensure you get the appropriate amount of coverage.
Before the holidays, consider quickly reviewing your insurance coverage(s) to make sure your limits still meet your needs. If you receive any valuable items during the holidays or throughout the year, don’t forget to update your insurance agent. Instead of unwrapping worry and doubt this holiday season, gift yourself the peace of mind that comes with additional insurance coverages. For more information on extra insurance coverages, reach out to your local Alfa agent.
All coverages are subject to deductibles and policy limits. This is not an insurance policy. It is intended only to provide a general description of Alfa Insurance® and/or its product lines and services. An actual policy contains the specific details of the deductibles, coverages, conditions and exclusions. Your Alfa® agent can explain the policy and benefits and answer any questions you may have before you buy.
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