After the holiday season, many like to start the New Year by organizing new gifts and purchases and cleaning out the closets. As each year goes by and your needs continue to change, it’s easy to forget to update your insurance policy in the process. There is no better time than now to make sure both your new, as well as old belongings, are insured properly on your homeowners policy.
It might surprise you to know that an unendorsed homeowner policy has limits of coverage for theft of certain types of personal items such as jewelry, watches, furs, and firearms. Coverage for items like coins and stamps can be limited to a special limit of coverage no matter what the cause of damage is.
A common limit for theft of jewelry, watches, furs, precious and semi-precious stones on a homeowners policy is $1,500. Not to mention, your policy deductible would apply to this type of loss. If you misplace those items opposed to a loss by theft, you may not be covered at all under your normal insurance coverage. [READ MORE]