Personal Property:
Anything owned or used by you that is not permanently attached to the house or the ground. Coverage is provided anywhere in the world. There are special limits on specific items for certain things that happen to them, such as $1000 for theft of jewelry & furs, $2000 for theft of firearms, $2500 for theft of silver, gold & pewter. There are also limitations on money ($200), securities, documents, records, stamps ($1000), watercraft ($1000), trailers ($1000). Amounts vary by edition of form - check your policy for actual limits.

There are other restrictions and limitations on the standard policy, but many of them can be removed by purchasing specific endorsements. These endorsements allow you and your agent to customize a Homeowners Policy to meet your individual needs.


Loss of Use :
If your home becomes unfit to live in because of a fire, windstorm or another covered loss, your policy will remburse you for any increase in expenses over and above your usual expenses. This will help your household maintain its usual standard of living until you can move back into your house. Extra costs for staying in a hotel, use of a Laundromat, and telephone expenses are examples of some of the things that would be covered.


Other Personal Liability Coverage :
This coverage could save you from financial ruin. This will pay for damage or injury you accidentally cause to others and for which you are legally responsible. The standard minimum limit is $100,000 but we advise our clients to carry at least $300,000 and we feel that with the large court awards that are commonplace these days, $500,000 or $1,000,000 is a more realistic limit. The additional cost for these higher limits is quite reasonable. One of the least known but most important features of this coverage is that the insurance company will defend you and pay reasonable legal defense costs should you be sued whether or not you are eventually held responsible for an incident. The defense costs are over and above the liability limit. The liability limit would pay for whatever judgment is handed down or agreed to by a plaintiff.

Your policy will pay only up to your limit.

 Once your limit is reached, both your defense and your coverage will stop. Think about that icy sidewalk or driveway or those slippery steps leading to your front door. You should buy the highest amount of Personal Liability Coverage that you can afford.

 
Medical Payments to Others :
If someone, other than a household member, is injured on your property (cousin Kelly was playing volleyball at the family reunion and fell and twisted her ankle), there is coverage for that person's necessary medical expenses - whether or not you are responsible for the injury. These expenses include medical, surgical, x-ray, ambulance, etc. The intent of this coverage is to forestall a suit from being brought since an injured person's medical costs will be paid. If the injury is minor, a reasonable person will often be satisfied that that the bills are paid.

Coverage can be purchased in amounts from $1000 to $10,000.


Other Kinds of Loses Not Covered:
The majority of homeowners purchase the Homeowners Policy called an HO-3 (aka All Special Form Policy. But even that type of policy will not cover you for:

* Flood, Neglect, Wear and Tear, Earthquake, Insects, Vermin, Rodents, Illegal Acts, Nuclear Reaction, War, Landslide or Mudslide, Back Up of Water from Sewers or Drains

 These are the major Causes of Loss that are not covered by any Homeowners Policy. There are also several other exclusions and limitations as noted in your policy.

 
Actual Cash Value vs. Replacement Cost Coverage:
This sounds like more of that foreign language not offered at the High School you went to! A Homeowners Policy has a provision written in it that states that losses involving Personal Property will be settled on an Actual Cash Value basis. This means that wear and tear and obsolescence and use factors will be applied against the value of all items. For example, suppose your refrigerator cost $1000 seven years ago, you might recover only $200 for it. However, if you have wisely purchased the Replacement Cost on Contents endorsement, you would be paid what it costs today to replace that refrigerator, when you have purchased one of like kind and quality.

There is no depreciation applied for all those years of wear and tear.


Other Computer Equipment :
Your personal computer equipment is covered just as all the rest of your personal property is. Portable and Laptop computers are covered wherever you take them. If however, your computer equipment is used even partly for business, coverage under your homeowners policy is limited to $2500 on the household premises or $250 away from home.

Endorsements are available to increase these dollar limits.

Scheduled Personal Property Endorsements:
If you have specific items of value that you want insured for a particular value and for all causes of loss (except wear & tear, gradual deterioration, inherent vice, insects or vermin, war or nuclear hazards), you can have them listed (or "scheduled") on your policy. Each item is specifically described and has a stated limit of coverage (as verified by an appraisal or bill of sale). Some items you may want to schedule include:

 Fine Arts (including Oriental Rugs), Jewelry & Watches, Furs & Cameras, Musical Instruments (not used professionally), Stamps & Coins, Silverware, Antiques, Crystal or Glassware, Special Collections such as Hummels or other valuable display items.

NO DEDUCTIBLE is applied for these items at the time of loss.


Examples of Loss Settlements:
Suppose a $5000 diamond bracelet is stolen. Under a standard Homeowners Policy, you would be paid $1000 (the maximum limit) for theft of this item. If the bracelet were on a Personal Articles Schedule, the bracelet would be replaced or you would receive the cost to replace it with one just like it. If the bracelet were lost or misplaced, you would get the same settlement, except under the standard Homeowners Policy there is no coverage at all for losing or mysterious disappearance.

 An antique table is ruined beyond repair when a chandelier falls on it. Under the standard Homeowners Policy, there is no coverage at all. If the table is insured on a schedule as fine art, you will be paid the agreed value of the table as stated on the schedule.

In-Home Business Coverage:
Insurance companies have recognized the fact that many people are currently conducting a business from their home. Your Homeowners Policy can be modified to include a wide range of coverages to meet this need.

Some of the more notable provisions are:

 * Business Property is extended from the $2500 limit up to $50,000.

 * Business Property off the household premises is increased from $250 to $5000.

 * Business Income Coverage which pays for loss of business income when a covered loss results in a suspension of the business.

 * Liability extends to include advertising injury, personal injury and products and completed operations exposures.

 There are many other enhancements and endorsements available so that your Homeowners Policy can be custom designed to fit your personal needs. We are always pleased to discuss any issues and answer any questions about your particular situation.