The holidays are over and like lots of people, you’ve probably got a few new toys… Or maybe a luxury item you received as a Christmas gift. Did you know homeowner insurance policies have limitations on coverage for certain valuables? For example, did you receive any of the following for Christmas?

Firearms or Other Sporting Goods
Camera Equipment

If so, they may be subject to coverage limitations. And the worst time to learn about coverage limitations is AFTER something has already happened to your gift! Do you know what your homeowners policy covers? If not, now is a good time to review it with an insurance agent. You want to be sure your new items are covered in the event of a claim. There are a couple ways to do this:

• Increase internal limits – Your home deductible would still apply in the event of a loss.
• Individually schedule valuable articles – This allows you to insure the valuable article for the appraisal/purchase price and there is no deductible (the insurance carrier may require an appraisal or a receipt).

Home coverage can also include special policy endorsements for personal property and/or mysterious disappearance. Some policies include this endorsement, while other companies allow you to add them to your home policy.

What is mysterious disappearance? Imagine you take your wedding ring off to clean that wonderful turkey, but when you go back to the kitchen to get it… “OMG where is my ring?!” Did it go down the drain? Did one of the kids move it? Did your pet eat it? That is what the insurance industry calls mysterious disappearance.

Bonus: If you schedule the ring, there’s no deductible if it mysteriously disappears!

At JPI, it’s our job to help you understand your insurance coverage. We’d love to review your homeowners policy with you to be sure you have adequate coverage for all the special things in your home.