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You are here: Home / Archives for Personal Property Insurance

Understanding Common Gaps in Insurance Coverage

November 17, 2015 by nanette

Common Gaps To find out what the most common gaps are, we sought the advice of the claims professionals at Safeco Insurance. They quickly focused on three common insurance gaps. All three shared a similar feature, a misconception that can lead to inadequate coverage. 3 Common Insurance Gaps 1. Valuable Articles Coverage:
  • Misconception: If my wedding ring and grandma’s heirloom earrings are stolen, my homeowners’ policy has me completely covered.
  • Fact: When policyholders become the unfortunate victim of a theft, fire or natural disaster. their experience becomes even more painful when they discover that their homeowners’ policy has specific internal limits on jewelry. collectibles. art and other items.
  • Guidance: Talk to your independent insurance agent about jewelry, antiques or memorabilia that you own. If you buy a new collectible or get a gift, such as a new watch, be sure to check in with your agent to make sure your coverage is still adequate.
2. Loss of Use Coverage:
  • Misconception: If l‘m involved in an accident and my car is in the shop, I’ll still be able to get to work because my auto policy includes rental car reimbursement.
  • Fact: When a covered loss requires a vehicle to be in the shop for repairs. many customers are unaware that their base policy does not help pay for the cost of a rental car – and they find themselves in a bind with no way to get to work, or get the kids where they need to go.
  • Guidance: Consider a scenario where your insured vehicle has been in an accident and must be in the shop for two, four or more days. Could you share the other family car or borrow a car from a relative? Could you get by biking or using public transportation? If the answer is no, loss of use coverage may be a valuable addition to your policy.
3. Original Equipment Manufacturer Coverage:
  • Misconception: If my Ford Mustang is in an accident, the damaged parts will be replaced with new, original equipment manufactured by Ford.
  • Fact: Customers with luxury vehicles or prized sports cars can be disappointed to learn that their car is being repaired using a new part not manufactured by the original manufacturer or a recycled part made by the original manufacturer.
  • Guidance: Have a discussion with your independent agent about your preferences. If it’s important to you that your car be repaired using original factory parts. consider original equipment manufacturer (OEM) coverage.
 

Filed Under: Auto Insurance, Home Owners Insurance, Insurance Education, Personal Property Insurance Tagged With: auto insurance, home owners Insurance, insurance education, Personal Property Insurance

Did you know?

April 2, 2015 by nanette

personal-propertyMost customers who purchase insurance do not read their policies, not that we could blame them. Even for seasoned insurance agents, the policy contract can be complicated. However, there are coverages in a policy which require special attention. One of those would be your personal property coverage.

Personal property is handled differently than your valuables such as jewelry, artwork, and other high valued items. Personal property is defined as possessions you own other than real estate or buildings. It is movable and includes tangible (movable) items like, appliances, furniture, jewelry, electronics, clothing, etc. Not all of your personal property is covered and there are limits to how much your policy will cover. This is one of the coverages most customers do not pay attention to until they need to file a claim where they are surprised to discover they did not have enough coverage. They expected their agent to know what they needed. Please do not make this mistake, Agents only know what you tell them.

To get the coverage you need to protect your valuables, take a good look at your current homeowners, renters or condominium policy, chances are you might need to add what we call “scheduled items” to your policy. You may also want to consider purchasing a “Personal Articles” policy for high-valued items.

Filed Under: Insurance Education, Personal Property Insurance Tagged With: insurance education, Personal Property Insurance

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