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Understanding Contents Coverage Limitations & Exclusions

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Understanding Contents Coverage Limitations & Exclusions Understanding Contents Coverage Limitations & Exclusions What is Contents Coverage? Contents coverage is also referred to as Coverage C (this is how it’s shown on your homeowners insurance policy) or personal property coverage and is included in our base homeowners insurance policies (home, condo, or renters). Coverage C provides coverage for typical household items such as furniture, television sets, and clothing. Are there any Contents Coverage Limitations and Exclusions? You may own specific types of contents (personal property) that are not covered by the standard contents coverage listed on your policy or there may be coverage limits on the amount that will be paid to repair or replace certain items. For instance, jewelry is covered under your policy, however the amount paid will be limited to $1,000 per item or up to $10,000 for multiple items when there is a loss. It’s important that you are aware of the coverage limitations and exclusions in your policy and the optional coverage that’s available for purchase. The table below shows commonly owned personal property and the limitations and exclusions that apply. We’ve also noted when optional coverage is available. Please note that this is not an inclusive list and other coverage limitations and exclusions may apply. Is Coverage What is the Base Is Optional Coverage Personal Property Excluded or Limited Policy Coverage Limit Available for in Base Policy? Amount? Purchase? Animals, Birds, and Fish Limited $2,500 per loss N/A Personal property belonging to people other than the policyholder Limited N/A N/A can be covered under certain circumstances. $1,000 limit per item, Scheduled Personal Furs, Guns, Jewelry and Watches Limited with a max of $10,000 Property or Special per loss Personal Property Silverware, silver plated ware, goldware, gold plated ware, and Scheduled Personal pewterware. This includes flatware, hollowware, tea sets, trays or Limited $2,500 per theft loss Property or Special trophies made from silver, gold, or pewter. Personal Property Art/Collectibles: including but not limited to paintings, prints, 10% of Coverage C Scheduled Personal photographs, and framed works, statuary, mobiles and anything Limited Personal Property Property collected in anticipation of an increase value. Limit per loss Scheduled Personal Bicycles and related equipment Limited $1,000 per theft Property Personal electronics, including items used with and/or located in $2,000 per item, max Scheduled Personal a vehicle or other land conveyance if the item(s) can be operated Limited of 10% of Coverage C Property by a source of power other than the vehicle’s electronic system. Satellite dishes, satellite antennas or radio towers and their antenna - and any related receiving equipment including receiving Excluded N/A N/A mounts, transducers or other receiver parts or installation parts. Paper that has monetary value: money and bank notes Limited $200 per loss N/A Property used at home for business, for example product samples. Certain home business types are ineligible for coverage Limited $2,500 per loss N/A with Security First Insurance. Property used away from home for business. Certain home business types are ineligible for coverage with Security First Limited $250 per loss N/A Insurance. Understanding Contents Coverage Limitations & Exclusions Is Coverage What is the Base Is Optional Coverage Personal Property Excluded or Limited Policy Coverage Limit Available for in Base Policy? Amount? Purchase? Securities, accounts, deeds, evidence of debt, letters of credit, notes (other than banknotes), passport, manuscripts, personal Limited $1,000 per loss N/A records, or tickets - regardless of media on which they exist (paper, computer software, etc). Items insured on another policy Excluded N/A N/A (e.g., jewelry on a separate policy) Aircraft and parts Excluded N/A N/A Motor vehicles - cars, motorcycles, ATV, etc. (intended to be covered by other insurance) including electronic devices powered Excluded N/A N/A solely from the vehicle. Golf Cart Physical Golf Carts Excluded N/A Damage and Liability Watercraft; including trailers, furnishings, and outboard motors. Limited $1,000 per loss N/A Trailers NOT used for watercraft Limited $1,000 per loss N/A Security First Insurance includes Replacement Cost Coverage on Contents in our standard homeowners insurance policies. This means that if your personal property is lost, stolen, or damaged by a covered loss, your items will be valued using the current market pricing of items that are brand new. Without this coverage, items are valued at their depreciated value, which can be far less than the amount you would pay to replace the item new. Subscribe to our blog to obtain weekly home maintenance and safety tips right there in your email inbox. SecurityFirstFlorida.com/blog.
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