Valuable Items Coverage
Most homeowners policies provide limited coverage for certain classes of personal property (i.e. jewelry, furs, antiques/fine arts and silverware, to name a few). If you have items that are not easily replaceable or have a value that exceeds about $5,000, you may need additional coverage.
A valuable items policy can be used to cover these special items. This policy can also be used to cover valuable collections such as comic books, coins or stamps. Please contact our office for more information or to obtain a quote.
Excess Liability Coverage
Sometimes the liability limits on your homeowners or auto policy may not be sufficient to protect you in the event of a loss. Also, there may be liability coverage gaps for exposures not covered under your homeowners or auto policies. An umbrella policy can provide the additional coverage needed to protect you and your family.
It used to be that the only people who needed umbrella policies were wealthy individuals with significant personal assets that would be at risk in a lawsuit. Those days are gone. In our litigious society, people are recognizing the need for additional liability coverage above their homeowners and auto insurance policy limits. Policies are typically issued in $1 million, $2 million or $5 million dollar limits (higher limits are available).
In-Home Business Coverage
According to a study by the Independent Insurance Agents of America (IIAA), at least 60% of in-home businesses are not properly insured. In addition, 44% of home-based business owners didn’t purchase the additional insurance coverage because they believed they were covered elsewhere.
If you operate a business from your home on a full-time or part-time basis, your homeowners insurance policy excludes legal liability for business activities and provides minimal coverage for business personal property (usually limited to $2,500 on the residence premises and $250 off the residence premises).
Some homeowners insurance carriers offer an endorsement that can be added to your homeowners policy to provide coverage for your in-home business. A separate In-Home Business policy is also available. Please contact our office for more details or to obtain a quotation for this valuable coverage.
Many homeowners policies offer very limited or no coverage for physical damage to or liability claims arising from use of a pleasure boat. If you have made the investment to own and operate a boat, you’ll want to make sure that your investment is well protected. Following are some of the coverages available:
- Physical Damage
- Uninsured Boat Coverage
- Medical Payments
- Towing and Assistance
Policies are available for small boats (under 26’) or yachts (26’ and over) as well as jet skis, sailboats, houseboats and cabin cruisers. Please contact our office for more information or to obtain a quote.
Your homeowners policy does not provide coverage in the event of a flood*. It is a specifically excluded peril. Don’t be fooled into thinking that just because you don’t own beachfront property, you’re not at risk. Each year, 35% of all paid flood claims are for properties located outside of high-risk areas. Flood policies (in California) are available for roughly $350 per year, depending on your location and level of coverage.
Don’t wait until the last minute to purchase coverage! There is a standard 30-day waiting period, from the time the application is processed and payment is accepted by the National Flood Insurance program, for coverage to be effective. Please contact our office for more information or to obtain a quote.
* A flood is defined as an overflow of inland or tidal waters; the unusual accumulation and runoff of surface waters from any source; inundation from mud flows caused by accumulations of water on or under ground; or abnormal, flood-related erosion and undermining of shorelines.