Did you know that on your homeowner’s policy you usually have a specified limit on jewelry, guns, silverware or coins? So what do you do if you have items that are worth more than the policy limit?
You can add them on your home policy for a specified dollar amount. This is called scheduling. This is a great coverage to have because it covers your items for anything. So lets say that your very expensive painting falls off the wall and breaks, under a traditional homeowners policy it wouldn’t cover your painting falling off the wall, however if you have it scheduled it would be covered. This is called “all risk” coverage. An insurance company will generally require you to have an appraisal for the items you wish to schedule.
If you don’t choose to add earthquake coverage on your homeowner’s policy, the answer is NO!!! We are seeing more and more earthquakes these days. A lot of people believe that if there is an earthquake then they will be covered by home insurance. Earthquake insurance is generally a percentage of whatever your home is insured for.
As an agent, one of the most common questions I get is ‘when I rent a car, do I need to purchase the insurance the company offers?’. There is really no easy answer to this question. If you have a policy that has liability, Comprehensive and Collision it usually transfers to the rental car, although you will want to verify this in the policy language or ask your agent. I always tell my customers that if your coverage does transfer to the rental car the insurance company will pay just those coverages in the event of a loss. However, you sign a very large contract with the rental car agency. There are two main things that your insurance company likely won’t cover, but you will be held responsible for based on the contract you signed with the rental car company: Read the full article…
Your home Insurance has 4 parts.
- Coverage A – or dwelling coverage that is your house and everything permanently attached to it such as an attached porch, attached deck, sometimes it can even be a fence that is secured to the house.
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