As with any insurance policy, be sure to read your condominium owners policy carefully. You might be surprised to learn that there are certain limits on specific types of personal property that is covered under your policy. For example, a policy could contain a relatively low limit of coverage for case, precious metals (gold, silver, platinum), coins, medals, etc. Therefore, you may not want to keep large amounts of these items in your home unless you specifically insure them. If you inherit your great-great-grandfather’s valuable coin collection, it would be shame to only be reimbursed $200 in the event of a loss.
In addition to coins, other collectibles should be specifically insured. Condominium owners insurance policies generally limit coverage for stamps, trading, cards and comic books. Therefore, in the event you have such a collection, you will want to get it appraised. After obtaining an appraisal for your collection, determine whether the home insurance policy you are considering provides sufficient coverage for your collection. If not, you can inquire with the insurance company about specifically insuring your items.
Condominium owners insurance policies also generally contain specific limits on loss of jewelry by theft. Therefore, if you have jewelry that is valuable (such as an engagement ring), you may want to specifically insure those items. Otherwise, in the event of loss, you may not receive the full amount the items are worth, even though you are within your overall coverage limit.
Condominium owners policies also generally contain specific limitations on the amount of coverage for theft of silverware, including flatware, tea sets, trays, etc. In the event you inherited silver, or were lucky enough to receive it as a wedding gift, you will want to know what the policy’s limit of coverage is with respect to these items, in case you need to obtain additional coverage.
When shopping for condominium owners insurance quotes, make sure the quotes you obtain provide you with enough coverage for your valuables. Be sure to consider whether you need to specifically insure any special property for which coverage might otherwise be limited.