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Does my homeowners insurance policy cover all personal property?

Major damage to your house can have implications beyond the structure itself. After all, a house is not a home without things like furniture, appliances, kitchen utensils and everything else we use to keep ourselves comfortable.

A comprehensive policy like an HO 5 can replace the cost of most types of lost personal property, but generally even this type of policy specifically excludes some property. These items are often highly valuable, and being limited to receiving partial compensation, if anything, after a disaster like a fire or bad storm.

Personal property that is often not included in a homeowners insurance policy include:

  • Expensive electronics
  • Musical instruments
  • Valuable collections, such as coins or stamps
  • Valuable antiques and art
  • Jewelry and furs

To avoid a total loss on this property, the best option is to purchase a Scheduled Personal Property Endorsement, according to CBS News. Also known as a floater policy, this policy provides the broadest protection against lost personal property. Besides covering for damage, it also covers theft and accidents, such as dropping a ring down the drain. If you have a lot of this type of property, a floater policy might be a wise investment.

To get valuable items covered by a floater policy, the insurance company will probably require that the items be professionally appraised, with the appraisal sent to the company.

No matter the level of homeowners coverage you have, when your claim is denied or lowballed, it can be very frustrating. An attorney can help you get the settlement you deserve.

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