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Are your valuable possessions insured?
A lot of high-ticket items make their way into our homes around the holidays, engagements, birthdays and
anniversaries, but it’s not often we think of them as additional assets that might need to be covered by insurance.
Most homeowners policies typically limit how much a policyholder can claim, and sometimes the homeowners
policy won’t replace an item, depending on how the loss occurred. Coverage on some items is limited based on
what the item is (like a camera) or on how the item is used (such as for business purposes).
Quiz yourself with these common scenarios to test your policy knowledge:
Scenario 1
Your son’s new laptop was stolen while he was waiting at the airport. Is that covered? Yes, but you must pay
your deductible.
Scenario 2
Your husband’s new iPad fell out of the car into a puddle and is ruined. Is that covered? Probably not, as many
policies have exclusions for neglect.
Scenario 3
Your wife lost the setting on her engagement ring at the gym. Will your policy replace it? It depends. Most
unendorsed homeowners policies do not provide coverage for personal property that is lost or broken.
Most often, jewelry, watches and furs fall into special categories with specific limits that apply to that classification.
Many policies limit the amount of coverage for loss due to theft of items such as jewelry, furs and firearms.
Scenario 4
You had a theft in your home and more than $10,000 worth of jewelry was stolen. Is that covered? Well, only a
specific dollar amount will be covered unless there is an endorsement. Some policies require receipts, pictures or an
appraisal for each piece of jewelry you report stolen.
Professional Independent Agents Association of Ohio, Inc.
600 Cross Pointe Road  Gahanna, OH 43230
p (614) 552-8000  f (614) 552-0115  toll-free (800) 555-1742  www.piaaohio.com
How to proceed
Exclusions and restrictions don’t have to be confusing. Make a list of the valuables your family has – the ones that
you would want covered in case of loss, theft or damage – and call us to find out exactly what your policy covers.
You may be able to purchase an endorsement that will provide the coverage you want.
A simple home inventory is a must
Ask us for tips on how to create a home inventory with receipts and photos. Store that information somewhere
secure outside the home in case your computer is ever damaged or stolen.
Call us today. You’ll never regret having taken the time to ask questions.
Dec. 2014
[sidebar article]
“I just didn’t know”
Claire had no idea her valuables were slowly being stolen by her husband’s home-health-care aide. Her whole focus for
the last year was caring for her ailing spouse, and she didn’t notice much else.
But when her favorite diamond wristwatch went missing, Claire figured it out. Then she found that the jewelry she stored
in other places was all gone too. So were small items and some cash. That was the first shock.
The second shock came when Claire’s insurance company said her homeowners insurance would cover only up to $500
for jewelry if she could produce an inventory with pictures and receipts. She didn’t have any of that.
In the end, Claire’s family and jeweler scrambled to find photos and receipts. The insurance company wrote her a check
for $1,000, though over $500,000 worth of jewelry was stolen.
“If only someone had told us in advance, we’d have made sure we were covered,” Claire said.
So we’re telling you. Make sure the valuables in your home – electronics, artwork, musical instruments, jewelry, sports
equipment, furs, firearms, bank notes, boats – are protected from loss, theft or damage by your homeowners policy.
Don’t become a statistic.
Dec. 2014
Professional Independent Agents Association of Ohio, Inc.
600 Cross Pointe Road  Gahanna, OH 43230
p (614) 552-8000  f (614) 552-0115  toll-free (800) 555-1742  www.piaaohio.com