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When To Get Extra Home Insurance Coverage For Items In A House

2010-08-25

Homeowners insurance quotes typically cover the basic contents of a home from risks like fire, water damage and theft. Extra insurance coverage is recommended for higher risk property or geographic locations such as earthquake zones. If a homeowner owns expensive items including jewelry, fine art, silverware, antiques and business equipment, extra insurance coverage is usually recommended. The question is, at what point do you get extra insurance coverage for your personal belongings?

The most common extra home insurance coverage rider is for jewelry. Most insurance policies cover jewelry up to $1,000. Extra insurance coverage for jewelry is usually quite inexpensive and is a good investment. The extra insurance coverage usually includes per piece protection for loss and many companies cover theft. This is wonderful for engagement and dinner rings that can be damaged from daily wear. Read your policy carefully to see if you are required to provide and itemized list of pieces and if there is any special discounts for secure storage such as in home safes or safety security box storage.

Silverware is another very popular item to purchase extra insurance policy coverage, depending on insurance companies basic silverware coverage is between $2,000 and $2,500 and typically does not cover theft. Check the policy to see what is, and is not, covered by your basic homeowner's policy. If you have valuable heirlooms or an extensive collection of silverware extra coverage might be warranted.

Artwork and antiques are typically covered for up to 75% of their value on a basic homeowner's insurance policy. Most people however, do not document artwork or have current appraisals on items in their home. It is a good idea to get an independent appraisal and weigh out the benefits of extra insurance coverage for these items.

Forgotten and yet very expensive to replace are oriental rugs. Home insurance coverage usually includes up to $5000 per rug and usually has a limit of $10,000 - $15,000 total coverage for loss or damage. Rugs are expensive to replace, check your policy to see if you have adequate coverage.

Make sure to talk to your insurance agent about office and home entertainment equipment. Homeowners insurance quotes ranges greatly with different insurance companies. Some insurance companies cover as little as $1,000 for electronics. Extra coverage is for computers and home entertainment is usually a worthwhile investment. Additional items to consider extra coverage for include: clothing, shoes, musical instruments and glassware.

The decision to purchase various types of home insurance coverage is highly dependent on an individual's personal lifestyle and investments. Extra insurance coverage for one or more items is usually required for adequate protection from loss or theft of personal items.