Dave Haman

Nov 30 2016

Insurance Spotlight: Items of High Value Could Be Excluded

Are your items of high value insured?

While it may not surprise you to know that millions of people own items that are not adequately covered by a standard home insurance policy, it may surprise you to know just how limited the coverage is and what can be done about it. Consider the following:

  • Items of significant value to you—such as jewelry, fine arts, firearms, and other collectibles—also have significant value to thieves. This is why many standard home insurance policies limit theft coverage on such items to a small dollar amount (or worse, don’t cover theft at all).
  • Besides theft, other likely causes of loss or damage may not be adequately covered. For example, mysterious disappearance, breakage, and flood are likely not covered by standard home insurance.
  • Some types of personal articles that are covered by standard home insurance may be covered only for a limited 30dollar amount that doesn’t come close to the item’s actual replacement value.

These are just three of the reasons you might consider adding personal articles to your homeowners insurance policy. If you decide such a policy is to your advantage, purchasing from the same company that provides you home insurance could result in a premium discount. For more information, call your agent today.

Reprinted with permission, The Mines Press, Inc. Volume 43, Issue 5
Insurance products are not a deposit, not FDIC insured, not insured by any federal government agency, carry no bank guarantee, and may go down in value.
Dave Haman

About Dave Haman

Dave Haman is a Vice President, Insurance Agency Manager at Hills Bank’s Iowa City Gilbert Street location. He has been at Hills Bank since 1994 helping customers with their insurance needs. Dave can be reached at dave_haman@hillsbank.com.

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