TUESDAY, JULY 8, 2014
If you own a home, I would almost bet my entire savings that the likelihood that you have a homeowner’s insurance policy is a very high indeed. If you own a gun, I would almost bet my savings that a majority of people have them insured on that homeowner’s policy. Coverage is coverage and if something were to happen, at least there is something to reimburse you for your loss, but there is a better way of doing this.
Say that for six generations, your father and their fathers before them have been passing down a pistol that George Washington himself possessed during the revolutionary war. How would you insure this historical artifact? Most people are aware of a policy that covers their personal cars, and most people are aware of a policy that will cover their home and belongings within the home. However, most people are not aware of a little policy that we call personal articles. Personal articles insurance supplements coverage for possessions of higher monetary value, such as a diamond engagement ring, your grandfather's pocket watch, artwork, or a valuable pistol possessed by our first president. While most homeowner’s policies have limits on the dollar amount and type of loss that can be recovered, personal articles insurance will provide the protection you need for your most valuable possessions in the event of loss through theft, accident or natural disaster.
Why might you ask, is a personal article policy needed? The protection provided for personal property under the typical homeowners' policy includes coverage for your furniture, clothing, and appliances. In addition, it provides limited coverage for such items as jewelry, silverware, furs, and firearms. However, it may not cover some types of losses that may be important to you, such as the stone falling out of your diamond ring or the heart attack that follows when you discover that it’s lost. In fact, most homeowners policies set dollar limits on the amount of protection offered to cover the theft of items such as jewelry or furs (usually only up to $1,000), firearms (up to $2,000), or silverware (up to $2,500). The benefit to this type of policy is that you can insure whatever it is that may be precious to you for the full amount that it actually needs to be.
If you have questions on how to insure your valuable items properly, ask your agent and if they can’t answer it, ECI Insurance is always here. Contact us below or go online to fill out a Oklahoma City home insurance quote.
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