Is Your Home Insurance Covering You Enough?

 

That feeling when you lose something important is utterly disheartening.  Any ladies who experienced losing their most prized diamond ring know how heartbreaking it is.   When you acquire home insurance, you will eventually find out that you are not adequately covered. The valuable and small things that are more likely to be damaged and lost will not be protected on standard home insurance.  Before it is too late, you may need to add coverage on your personal property to ensure that you are getting the protection you deserve.

 

Electronics and Appliances

 

The average American home has more electronics than a basic television set.  There is a possibility that your home insurance company is not covering your electronic equipment.  The $1,000 limitation on electronic coverage that some insurance agency offers will work 20 years ago, but this amount will not be sufficient at this age.  It will be wise to purchase additional coverage for your electronics.

 

Musical Instruments

 

When it comes to musical instruments, the insurance policy is not imposing limits; however, there is still a considerable gap.   The policy will not cover the breakage and damage, and your musical instrument will also not be covered once you take it out of your home.  Musical instrument does not come cheap, and the value can immensely increase on antique instruments.  For those who have a 17^th-century violin, taking additional steps to protect your belongings is necessary.

 

Weapons

 

The basic home insurance will have a coverage limit of $2,000-$3,000 for every gun.  This means that those using their guns for recreational purposes may find the existing policy sufficient.  However, for other people who possess a comprehensive collection of firearms, your claim will typically be denied since you are not adequately covered.  With the recent statistics that imply that the industry of firearms is on the rise, most locals may have their guns at home that are not protected by the insurance.

 

Antique and Artwork

 

It is relatively impossible to put a value on your kid’s finger-painting.  No insurance company can provide you with the same value when your priceless treasure is destroyed.  However, if the works of famous artists also hang on your wall, this might mean that you will need to purchase additional insurance coverage.  The basic home insurance coverage will not provide you adequate protection for the value of the antique and artwork.

 

Precious Metals

 

When you analyze your home policy, you will find out that they have a limitation of $2,5k-$5k for pewter, gold and silver, and everything else which may contain precious metals.  If your precious items are only plated with gold, then the basic insurance coverage will suffice.  However, extra insurance is necessary for those who have authentic and solid items.

 

Our home is one of the most critical investments that we will make, but there are times that our home houses things that are more valuable to us.  Sufficient coverage from basic home insurance is relatively inexpensive, and it is worth every penny.