Personal Property at Premise:
The purpose of this coverage is to cover your personal property while at the resident premise that is listed in the declarations. There are many factors and limitations regarding coverage for personal property based on what type of property it is, where it is located at the time of loss and so forth. Coverage can be based on direct physical loss unless otherwise excluded or on a named peril bases unless otherwise excluded. It is important to know which applies to your policy.
Personal Property Off Premise and In Transit:
Your personal property is covered anywhere in the world whether or not it is in transit, unless it is at a premise you own, lease, or occupy (second residence) that is not listed in the declarations of the policy.
Personal Property at Premise you Own, Lease or Occupy Not Listed in the Declarations:
This is covered but it is typically limited to 10% of the limit of your personal property while located at the residence premise listed in the declarations of your policy.
Personal Property Rented or Held For Rental:
Personal property that is rented to others or held for rental or is located at a residence that you own and rent to others is not covered.
Money and Precious Metals:
Coverage for this type of property is usually restricted to a set value. If you need more coverage than the basic policy offers you are required to insure this property on what is usually called a scheduled property floater.
Securities and Other Financial Instruments:
Coverage for this type of property is usually restricted to a set value. If you need more coverage than the basic policy offers you are required to insure this property on what is usually called a scheduled property floater.
Credit/Debit/Funds Transfer/Counterfeit Money:
Coverage for this type of property is usually restricted to a set value. If you need more coverage than the basic policy offers you are required to insure this property on what is usually called a scheduled property floater.
Jewelry:
Coverage for this type of property is usually restricted to a set value. If you need more coverage than the basic policy offers you are required to insure this property on what is usually called a scheduled property floater.
Precious Metal Ware or Precious Metal Plated:
Coverage for this type of property is usually restricted to a set value. If you need more coverage than the basic policy offers you are required to insure this property on what is usually called a scheduled property floater.
Antiques, Artwork and Collectibles:
Although in most policies there are no limits or restrictions on this type of property, it is only covered for its actual cash value which is not based on antiquity or artistic value. In order to receive replacement cost value for this property, you are required to insure this property on what is usually called a scheduled property floater.
Firearms:
Coverage for this type of property is usually restricted to a set value. If you need more coverage than the basic policy offers you are required to insure this property on what is usually called a scheduled property floater.
Boats:
Your homeowner's policy usually covers small boats, small boat motors, and small boat trailers for a set limit of usually $1,000 total for all combined.
Trailers:
Your homeowners's policy usually covers that small utility trailer you have that is used more by your friends and neighbors than yourself for a set limit of usually $1,000.
Business Personal Property on Premise:
Coverage for this type of property is usually restricted to a set value. Some insurance companies allow you to increase the set limit. Business Personal Property is not covered for replacement cost.
Business Personal Property Off Premise:
Coverage for this type of property is usually restricted to a set value usually less than Business Personal Property on Premise if it's covered at all. If you need more coverage than the basic policy offers, you are required to insure this property on what is usually called a scheduled property floater. Business Personal Property is not covered for replacement cost.
Trees, Shrubs and Plants:
Coverage for this type of property is usually restricted to a set value for each item and a set value for any one loss. Typically there is no coverage to remove fallen trees from property.
Auto Sound Equipment:
Most homeowner's policy totally exclude coverage for auto sound equipment including records, discs, and tapes. Some companies do however give some type of limited coverage.
Debris Removal:
If your house is damaged, especially by fire or a huge wind storm, debris removal can be a big cost. Not only do you have the expense of hauling, land fill costs have also skyrocketed over the years. The policy usually has a specific amount they will pay for debris removal but your replacement cost limit should be high enough to include the cost of debris removal.
Glass and Safety Glazing Material:
This part of the policy is for replacing broken glass with safety glazing material when required by city or county ordinance.
Refrigerated Property:
This part of the policy covers the contents of your refrigerator and freezer due to a power outage. It does not cover if it is unplugged or the breaker is switched off.
Excavation Expense:
Some companies offer coverage for the cost of excavating underground utilities such as water, gas, and electricity in order to make necessary repairs to return service to the home.
Lock Replacement:
This is to cover the cost of replacing the locks for your home if your keys are stolen. Normally, you have to file a police report. This coverage is not intended for changing locks if your keys were simply lost.
Personal Liability, Bodily Injury and Property Damage:
This is to cover 3rd parties who you are injured or suffer property damage because of a member of your households negligence. Common examples are dog bites, trip and fall injuries, trampoline injuries, running your neighbor over with your golf cart while on the golf course and so forth.
Personal Injury Liability:
This coverage is diffenent than personal liability. It extends coverage to certain issues not related to bodily injury or porperty damage. They are as follows:
- False arrest, detention or imprisonment or malicious prosecution
- Libel, slander or defamation of character
- Invasion of privacy, wrongful eviction or wrongful entry
Medical Payments:
Medical Payments cover 3rd party bodily injury caused by you or that happens on your residence premise without regard to liability.
Worker's Compensation:
The Workers' Compensation part of your policy covers resident employees such as gardeners, housekeepers, maids, cooks, butlers and so forth.
|
- Anything to do with the construction, remodeling or repairing of a home.
- Freezing
to a water systems that has not had reasonable care taken to protect.
- Freezing, thawing, pressure or weight of water, snow or ice whether driven by wind or not to:
Fences
Driveways
Roadways
Walkways
Pavement
Patio
Swimming Pool
Spa or Hot Tub
Foundation
Retaining Wall
Bulkhead
Pier
Wharf
Dock
- Theft, vandalism, malicious mischief or glass breakage after 30 day vacancy
- Continued or Repeated Seepage
- Wear and Tear
- Inherent vice, latent defect, mechanical breakdown
- Smog, rust or other corrosion, mold, fungus wet or dry rot
- Smoke from agricultural or industrial operations
- Pollutants
- Settling, cracking shrinking bulging or expansion of concrete or pavement
- Birds, vermin, rodents or insects
- Animals owned or kept by any insured
- Collapse - except as provided by Collapse coverage
|
