Most companies that independent insurance agents represent use a universal homeowners insurance form provided by the Insurance Service Offices – ISO called the HO3 policy. Within the HO3 policy there are limitations on personal property items to be aware of. ISO has designed a policy that will cover the average homeowner but if you have more jewelry or other valuable items you may want to endorse your policy to add additional coverage.
Here’s a list of those items from the HO 00 03 04 91 homeowner’s form: (the form for your policy may be different)
- $200 for money, bank notes, gold and other coins.
- $1000 for Securites, accounts, deeds, etc.
- $1000 for watercraft including their motors and trailers.
- $1000 for trailers not used with watercraft.
- $1000 for theft of jewelry, watches and precious or semi-precious stones.
- $2000 for theft of firearms.
- $2500 for theft of silverware, silver-plated ware, goldware, pewterware, etc.
- $2500 for property used at any time or any manner in a business.
- $250 for property used in a business away from the residence premises.
- $1000 for loss to electronic apparatus while in or upon a motor vehicle, etc.
- $1000 for loss to electronic apparatus powered by a motor vehicle, away from the premises and used in a business purpose.
In addition, there are personal property items that are not covered such as:
- Articles separately described and specifically insured in this or other insurance.
- Animals, Birds or Fish.
- Motor vehicles or their parts. etc.
- Aircraft and their parts.
- Property of roomers or boarders.
- Property in an apartment you rent or hold for rent to others.
- Property that you rent or hold for rental to others off the residence premises.
- Any “business” data stored on accounting records, computers and media.
- Credit cards. Trading cards.
- Water or steam.
The two areas where we see claims exceed the limits most often are jewelry and tools used in a business. If you have extra valuable jewelry or tools and property used in a business, call us for more information on how best to insure that property, we are here to answer all your homeowner’s insurance questions.
One misunderstanding is that the $2000.00 limit on firearms is for all perils such as fire but its only for theft, there is no limit on guns that are damaged in a fire.
Musical instruments that are used in a business will be subject to the business limitation including the piano used to reach lessons in the home. Musical instruments used in a business can be inexpensively endorsed for use in a business and breakage, call us for details before you join that rock band.
***THIS ARTICLE DOES NOT INCLUDE THE COMPLETE LIST AND POLICY LANGUAGE.
***POLICIES CAN VARY FROM COMPANY TO COMPANY, PLEASE REFER TO YOUR OWN POLICY FOR SPECIFIC LIMITS, LIMITATIONS AND EXCLUSIONS.
