Having a good claims experience can start with getting the right coverage. Your total property limit may give you the impression you have plenty of coverage, but you may find that your category limit on computers isn't nearly enough to replace all of the computers in your home.
For example, your policy might have limits in categories like these:
- Money, bullion, bank notes and coins.
- Property for use in a business while the property is away from your home. This doesn't include computers, drives or other storage media.
- Property for use in a business, including property held as samples, while the property is at your home. This doesn't include computers, drives or other storage media.
- Trading cards, subject to a maximum amount of $250 per card.
- Accounts, bills, deeds, evidences of debt, letters of credit, notes other than bank notes, passports, securities, tickets and stamps.
- Manuscripts, including documents stored on electronic media.
- Watercraft, including their attached or unattached trailers, furnishings, equipment, parts and motors.
- Theft of jewelry, watches, precious and semi-precious stones, gold other than goldware, silver other than silverware, platinum (other than platinumware), pewter (other than pewterware) and furs, including any item containing fur that represents its principal value; subject to a maximum amount of $1,000 per item.
- Any motorized land vehicle parts, equipment or accessories not attached.
- Theft of firearms.
- Theft of silverware, pewterware and goldware.
- Computers, drives or other storage media, whether or not the equipment is used in a business. Storage media will be covered up to the retail value of the media.
- Theft of rugs, including, but not limited to, any handwoven silk or wool rug, carpet, tapestry, wallhanging or other similar article whose value is determined by its color, design, quality of wool or silk, quality of weaving, condition or age; subject to a maximum amount of $2,500 per item.
Keep in mind these are just examples and may vary by policy. Talk to an Allstate agent about your specific policy.
You can adjust the personal property coverage of your policy at any time. Since you are spending time now to learn about property insurance, it's also a good time to take a good assessment of your personal property coverage needs (use our free Home Inventory Tool software).
When you walk around your home, look for things that you spent a lot of money on, or that have appreciated in value since you got them (family heirlooms, your diamond jewelry). You will need to make a decision about how to insure them so, if they ever need to be replaced, the standard limits will not pose a problem.
A common item in a category covered by your policy, such as a watch, may be worth $25 or $5,000. Because this category of common items can vary so greatly in value, your policy may set a per item limit for these items. If one item exceeds those limits, ask your agent for a Scheduled Personal Property endorsement to properly protect it.
For example: There may be a $1,000 limit per piece of jewelry and a $2,500 limit for all jewelry as a group. If you own a couple of inexpensive watches, you're in great shape. If you own a watch that is appraised for $10,000, you have an option to cover that specific watch at a higher amount. A Scheduled Personal Property endorsement can be used for jewelry, individual furs, oriental rugs, fine artwork and a variety of other items.
You can use an Optional Coverage to raise the group limit on a category covered by your policy, such as computers — or you can use them to insure an entire category of items that are not covered by your policy because they are less commonly owned.