Stolen Cash - Only $200 Recoverable - Florida Insurance Tips

There is a section in your homeowners’ policy (including Citizens HO-3) that very few people are aware. It is called “Special Limits of Liability” under Coverage-C Personal Property Coverage. There are eleven items in this portion of your policy. You should know insurance companies limit losses of these items as mentioned below.

1. There’s a $200 limit on money, bank notes, bullion, gold, silver, plati¬num, coins and medals. This does not apply to plated flatware.
2. There’s a $1000 limit on securities, accounts, deeds, evidences of debt, letters of credit, notes other than bank notes, manuscripts, personal records, passports, tickets and stamps. This dollar limit applies to these categories regardless of the medium (such as paper or computer software) on which the ma¬terial exists. These limits include the cost to research, replace or restore the information from the lost or damaged material. A fire-proof safe would be a good investment for you if you own these items. A bank safe deposit box is even better.
3. There’s a $1000 limit on watercraft, including their trailers, fur¬nishings, equipment and outboard engines or motors.
4. There’s a $1000 limit on trailers not used with watercraft. Most watercraft and related equipment have a much grater value and should be insured with a separate boat policy.
5. There’s a $1000 limit for loss by theft of jewelry, watches, furs, precious and semi-precious stones.
6. There’s a $2000 limit for loss by theft of firearms.
7. $2500 for loss by theft of silverware, silver-plated ware, goldware, gold-plated ware and pewterware. This includes flatware, hollowware, tea sets, trays and trophies made of or including silver, gold or pewter. Please notice in 5, 6 and 7 the word THEFT. The limits only relate to loss by theft. If there is another type of loss such as a fire the items will be considered under the larger personal property limit.
8. There’s a $2500 limit on property on the "residence premises" used at any time or in any manner for any "business" purpose. Remember this is a homeowners policy. Business property should be covered under a separate business policy.
9. There’s a $250 limit on property away from the "residence premises" used at any time or in any manner for any "business" purpose. However, this limit does not apply to loss to adaptable electronic apparatus as described in Special Limits 10 and 11 below.
10. There’s a $1000 for loss to electronic apparatuses, while in a car or other motorized vehicle, if the item is operated by battery or home electricity while retaining its capability of being operated by other sources of power. Electronic apparatus includes:
    • Accessories or antennas; or
    • Tapes, wires, records, discs or other media; for use with any electronic apparatus.
11. There’s a $1000 limit for loss to electronic apparatuses, while not in a car or other motorized vehicle, if the item is operated by battery or home electricity while retaining its capability of being operated by other sources of power.
    • Is away from the "residence premises"; and
    • Is used at any time or in any manner for any "business" purpose.

    Electronic apparatus includes:

    • Accessories and antennas; or
    • Tapes, wires, records, discs or other media; for use with any electronic apparatus.

    The important point is that these items are considered business property and that’s why they’re limited to $1000. They should be covered by a business policy.

    Now that football season is over and you are looking for something to occupy your time, try leaning back in your recliner with a cool drink and reading your homeowners policy. Ha! Ha! However the wise thing to do is to review and inventory your personal property, such as money, guns, securities, deeds, jewelry and other items mentioned above in your home. If you have high value in any of these items, you should contact your agent for special coverage, find a safe deposit box and/or obtain a fire-rated safe for your home.

About the Author

Robert “Bob” Fowinkle, CIC, CLU is the president of Moore, Fowinkle, & Schroer Agency in Bradenton.

Call Moore, Fowinkle, & Schroer Agency at 755-2628.

E-mail = popeye10@verizon.net

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