Personal property coverage is the type of insurance that can help safeguard the items in your home like, your furniture and other household goods. The goods in your home can be worth much more than you might think, and if they get damaged or lost, personal property coverage could help you cover the cost of reinstating them.
Your home is obviously filled with things that you like, so you should take out the time to figure out how much your goods are worth. By doing this, you can choose the amount of personal property coverage you need. This can be done by noting down the items that you spend a lot of money on, taking pictures of these items and keeping receipts and other documents can help you track of the value of your goods.
Florida home insurance covers your personal property but, there certainly may be limitations as to how much of your personal property is covered by the insurance company. Below you will find a few of the most common limits on personal property items in a standard Florida homeowners policy:
Below you will find a FEW of them:
• Jewelry – Almost all standard home insurance policies will have a certain limit on jewelry ranging from $500-$1,500. If you have objects that are more expensive than that, you will need to get that added onto your policy. Some companies might extend the limit without requiring a valuation of your goods while other companies will want each item of jewelry evaluated to have them added on to the policy.
• Money/Gold/Diamonds – If you have a lot of cash and gold bars, your home insurance will cover it up to a relatively small amount. If you want that covered, you should store them in banks rather than seeking out an insurance policy for such items.
• Business Equipment – If you have items that you require for your business use, they are generally covered up to a certain limit which is usually around $2,500. If you require more coverage, it’s best to incorporate it with a commercial policy.
• Motor Vehicles – Cars, motorcycles and other vehicles that need to be certified for use on public roads are not covered. Their ornaments are not covered either. There are separate policies for those types of things. Vehicles such as a lawn-mowers can be covered as it serves the purpose of home and not on the public roads.
This goes to show that despite having a personal property coverage, there are some aspects which are not fully covered. You can refer to Insurance Mistakes to Avoid and Save Money