A.P. Reid's Insurance Products:
Personal Property Insurance - Information Bulletins
At A.P. Reid, we consider consumer education to be one of our top priorities. An informed insurance buyer will made educated decisions about their insurance - ensuring that you avoid trouble down the road in the event of a claim. A.P. Reid customers benefit from the important information contained in our series of hundreds of Customer Information Bulletins. Below you will find a selection of these bulletins related to Personal Property Insurance. Check back often as this selection will be updated from time to time.
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Special Property Concerns
Homeowners Policies are designed to provide all the coverages you need for the "average family home" and its "average family contents".
Some families have a wide variety of "special property items", like jewelry, furs, watercraft, and other types of property - and virtually all homeowners policies do not provide adequate coverage for special property and special personal items.
Read on through-out this list ---- It's general, but you'll get the idea - and call us PLEASE with any specific questions. Remember, no list can include "everything"!
Just call if you own something that insurance companies might consider to be "special property" not usual to an average household.
Jewelry definitely falls into the category of "Special Property”. Virtually all Homeowners Policies provide at least $1000.00 of coverage; some policies as much as $2,000 or $2500.00; but few policies will exceed this. A special rider is needed if your jewelry and furs total any significant value. You need to have regular appraisals; probably once every 3-5 years in order to maintain the special jewelry insurance.
A tool collection used for personal usage only is usually covered adequately by your homeowners policy. However, you will need to arrange special coverage if you use your tools for any business pursuit. Your Homeowners Policy will not cover tools owned by your employer. You will have to talk to your employer about company tools in your possession.
It is never a good idea to assume your Homeowners Policy will suitably cover watercraft, motors, tenders, or boat trailers. There are several special watercraft policies designed for almost every type of pleasure watercraft; and watercraft accessories. You can, however, rely on your homeowners policy to reasonably cover any canoe type or rowboat type of watercraft, as long as the value isn't anymore than $1000.00, including a small motor - and it's less than 26 feet long - and it isn't kept outside when not in use.
Insurance Companies all differ on Satellite dishes and radio antennae on your roof or in your yard. Some companies cover all equipment, but only for reduced limits such as $500.00 - and others cover equipment or exclude equipment based on "size" rather than value - and other insurance companies cover satellite dishes for fire and theft; but not for windstorm or hail damage. What automatic coverage your Homeowners Policy provides will depend on the type of dish or unit or antennae you actually possess.
Insurance Companies cannot assume responsibility for large amounts of cash and other negotiable securities kept in your home, wallet, or purse. It is not safe to keep too much cash on your person or in your home. For your own protection, we recommend that you maintain only a minimum of cash. Homeowners Insurance Policies are likely to reimburse you for no more than $200.00 or $300.00 in stolen cash, stamps or other negotiable securities.
Coin and Stamp Collections have never lost their appeal to consumers of all ages. It is surprising how such a collection can build in value over time. Many collections are passed through several generations and as we approach the turn of the century, we see a new generation of young people building and working with the collections of their parents. It is necessary to add special coverage to your Homeowners Insurance Policy if you wish to properly insure such collections; and it is necessary to have your collection appraised. Without the special insurance, you would not have coverage for anything close to value.
Many homes contain artwork, heirlooms and antiques. You do not need to purchase any special coverage; but proving the value of such property (should there be a fire) will rest with you. Take extensive pictures and provide complete descriptions on the back of those pictures. Store them offsite. Make a video! Get appraisals if you can. And, remember always, that in the event of a fire, you may only be able to find something similar - seldom anything identical! Fine Art can be appraised and insured for an additional cost
Homeowners Policies are designed for "family" buildings and "family" contents. If you are operating any form of business from your home; you need to call and arrange for a special "home business" package that adds the necessary coverage for business contents and business liability coverage.
You can pretty much assume if something has wheels, it belongs on an automobile insurance policy, not a Homeowners Policy. That rule applies to travel trailers, utility trailers, dirt bikes, snowmobiles and almost everything in between.
In addition, any garage or other outbuilding that is used exclusively for a business pursuit is not covered at all - and the building needs to be insured separately - or your Homeowners Policy amended. Many insurance companies do offer Home Business combo policies. The only exception to this would be motorized lawn mowers, ride'em mowers, golf carts, and motorized medical equipment. Bicycles have a little bit of coverage. If you have an expensive bicycle - better call for more details.
Your home need not be a typical detached building for these comments to apply. They apply to personal property policies of all sorts, including Tenant's Package Policies and Condominium Unit Owners Policies, and Mobile Home Policies.
If you're printing this for a friend; please tell them you obtained this valuable information from the A.P.Reid Insurance Website.
If you're not receiving this valuable information from your own insurance broker; perhaps it's time to talk to an A.P.REID representative.
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