Updated: June 2016
Imagine you return home from a weekend away to find that someone has broken into your home and made off with your grandmother's 1920s-era silverware set. Will your regular homeowners insurance cover the loss? The answer is, it depends.
While homeowners insurance typically provides coverage for theft of personal property, you'll usually find there is limited coverage (described in a policy as a sub-limit) for certain types of belongings, such as silverware.
But you may find that you can purchase additional coverage to help further protect those belongings. One way is by purchasing scheduled personal property coverage for certain high-value items. Another way is through an extended protection amendatory endorsement (EPAE).
An EPAE may help increase coverage limits in a few different parts of an existing homeowners insurance policy. Typical benefits include:
Dwelling coverage: Up to 20 percent higher limits for a home and other structures than the standard homeowners insurance provides.
Personal property protection: Higher coverage for the theft of certain types of belongings, such as jewelry, furs and tools, for which a regular homeowners policy may have lower specific limits. An EPAE may also provide increased protection for items such as computer equipment, that may have lower coverage limits in a standard policy.
Liability coverage: Increased coverage limits to help protect you if you accidentally damage someone else's property.
Additional living expenses: Increased limits to help you pay for increased living expenses, such as hotel or restaurant bills, if your home is temporarily uninhabitable after a covered loss.
Spoiled food: Increased limits to help reimburse you for spoiled food that results from a covered power outage.
Should you consider an EPAE? To help you decide, you may want to review your existing homeowners insurance coverage limits and consider whether having additional protection in place may benefit you. Have more questions about whether an EPAE makes sense for you? Talk to a local agent.