THURSDAY, MARCH 22, 2012
Viewers are tuning in at astounding rates to the latest fad in Reality TV, specifically shows like American Pickers and Pawn Stars. Both shows, which feature garage-sale finds gone high-value collectibles, brought in over 3 million viewers for each episode in 2010. What do both shows have in common? Each episode features an everyday person who comes to find that items they’ve been holding on to (i.e. an old coin collection, a rare WWI soldier uniform, etc.) is actually worth a great deal of money.
Media analysts attribute the success of these types of shows (others include Cash in Attic and Roadshow) to the economic recession.
“Not all of us are going to hit the lottery, but all of us have something laying around the house,” says independent media analyst Shari Anne Brill. “The beauty of these shows is they can help you assess if the junk you have is actually worth something.”
And across the country homeowners insurance agents have been seeing a related trend as well. Over the past few months we have seen a rise in inquiries surrounding coverage for collectible items like these. “Is my antique guitar covered under my homeowners insurance?” “Does my home insurance cover my rare stamp collection?”
And we think these are great questions to ask.
Contents Coverage, or Coverage C, is the portion of a homeowners insurance policy that protects your personal possessions inside of your home. There are limits and exclusions to this coverage, however, and it’s important as a homeowner to know what in your home is protected- and what isn’t. For example, most standard home insurance policies place a $200 or so limit on coins. Likewise, there is usually around a $1500 limit for loss by theft for jewelry, furs and other such items.
The good news is, you can typically schedule an endorsement (or a rider) on your policy to cover a specific item of high-value. All in all, your best bet is to call your insurance agent, ask them specifically about the item in question and find out what you need to do to be completely covered. Call the experts at Insurance Planning Service today to schedule an endorsement or discuss the coverage of items in your home by calling us at 800-220-5582 or using our online contact form.
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