Homeowners insurance in NY provides coverage to all of your personal property. However, these items are only covered for ‘named perils’, meaning losses explicitly outlined in your policy booklet. So what happens if your wedding band slips off your finger and is damaged? This type of accidental damage is not automatically included on Homeowners insurance in NY.
In cases where a loss, such as theft, is covered by your insurance carrier, it is likely a special liability limit is placed on valuables like jewelry or furs. This individual limit is probably significantly lower than that of your personal property. For example if a special liability limit for jewelry is $1000 (which happens to be the case at TSC Direct), even if your graduation ring that was stolen is worth $2000, you will not recover the full value from your Homeowners insurance in NY. Additionally, if the loss is covered by your policy you will still be responsible for paying your deductible.
The best way to make sure your expensive and valuable personal possessions are fully covered is to ‘schedule’ them on your insurance policy. When we talk about scheduling items on your homeowners insurance in NY, we mean creating an additional insurance rider for something like an engagement ring, wedding band, musical instrument, fur, etc. This allows that item to be covered at its full value, while also being covered for accidental damage and loss not otherwise included in your homeowners insurance in NY. Thus, while your other personal property may be subject to limitations created by the policy, your scheduled items will be covered for all risks. Also, scheduled property will not be subject to a deductible.
In order to schedule individual items on your homeowners insurance you must provide a recent appraisal of the item (usually within the past 2-3 years), as well as photos showing its present condition. With each passing year, to account for change in value over time, a 6% inflation guard will be applied to all scheduled property with TSC Direct. In most cases, for these items to be written into your homeowners insurance in NY, they cannot be used for work. In other words, if you are a working musician on the side and want to insure your guitar, you would need to get coverage elsewhere.
Ultimately, it is important that you review your homeowner’s insurance policy. Moreover, take inventory of your personal items to ensure that anything of true value, or something that may increase in value over time, is properly insured. Although a personal item of sentimental value may seem priceless, you would not want to wait until after a potential loss just to find out that your family heirloom that has been passed down for generations is not fully covered on your homeowners insurance and you will not be compensated properly. Do you have an item that you’d like to add as soon as possible? Contact a representative at your insurance company now!
TSCDirect Insurance has been providing first time home buyers, renters and those living in a condo or co-op association in New York with affordable insurance since 1986. We provide coverage in New York City, Brooklyn, Queens, The Bronx, Long Island, Staten Island, Westchester and Orange counties. Our insurance company communicates directly with our customers and we offer competitive homeowners insurance rates in NY. Get a free online quote for affordable NY home insurance or call TSC>Direct today at 1-800-JOIN-NOW (800-564-6669)!
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