It's often said that Homeowners, Renter's and Landlords should make a habit of checking Smoke Alarm Batteries each year in January. No question about it, it's good to get into the practice of changing batteries in Smoke and CO2 Alarms following the Holidays. It's a great way to start off the year, and by doing so each January, it sets a pattern and trains us not to forget this important maintenance item. So, if you haven't done so, the month is young, see that you get to it so you can check it off your 2022 "to do" list. If you have the new sealed battery type alarms that are good for up to 10 years, performing a visual test to see that the light is blinking green is also important. You will sleep better knowing you have looked after this important item.
January is also a good month to review your list of Scheduled Valuable Items on your Homeowner, Renter's, or Valuables Article Floater Policies. Following the Holiday's, when many receive gifts of Jewelry, Art, Electronics, Sports Equipment, and other items of value, it's a perfect time to do one or both of the following:
1. Review, Update, and Add/Delete Items of concern from your current List of Scheduled Personal Property.
2. Review your Homeowner, Renter's, or other Personal Contents Policies "Special Limits of Liability" Section. This section spells out the interior limits contained within the policy for certain types of Personal Belongings. Typically, Jewelry and other Valuable high theft items have a limitation placed on Theft Losses. Many Policies state maximum Jewelry response is $1,500/item, and $3,000 maximum per loss resulting from the peril of Theft. Some give more generous amounts of Coverage, such as $5,000 per loss by Theft. Understanding what your Policy provides prior to a loss is important, and allows you to assess whether or not you feel customizing your Contents Coverage is needed.
Special Limits are normally contained in the Policy Contract under the "Personal Property - What We Cover" Section. Cash, Securities, Coin/Stamp Collections, Jewelry, Furs, Silverware/Goldware, Firearms, Electronic Data, Business Property, and other types of Contents generally appear in this section. If you have an exposure in any of the listed categories, it's a good idea to call to discuss your options.
Scheduling items of Contents secures broader Coverage, and eliminates the Deductible in the event of a loss. More expensive? Yes, and to some - worth it. It all depends on what makes the most sense to you.
Let us know if you'd like to discuss this important topic, and until then, we extend a Happy New Year to all!