Posted by Andy Gregory on Fri, Apr 03, 2009 @ 09:10 AM
Times are tight. OK, brutally tight. And you know that human nature dictates that our surroundings and experiences are the proximate cause of behavior. So it comes to no surprise that when times are tight, some in our society will turn to crime to make ends meet. This is evident in the recent increase in home break-ins being reported in the news.
When thieves break in to your home, they take things like flat screen TV's, computers/laptops, and stereos. These are typically covered under Coverage C of the typical HO-3 homeowners policy, subject to the limit and deductible. But how about firearms and jewelry? Unfortunately, many homeowners policies limit theft coverage for these items; $1,500 for firearms and $1,000 for jewelry, depending on the insurer. The way around this is to specifically schedule appraised jewelry and firearms in order to have it covered properly. There may be endorsements available to increase these limits without scheduling, but that will vary from insurer to insurer. Homeowners policies also have other limits for specific items, such as cash and business property.
The point here is that it may be a good time to examine your personal belongings and talk to your insurance agent/broker to determine whether you have any potential gaps in coverage in the event of a burglary. Your agent/broker can only help you if you help them!