You might assume that having grown up in an insurance family and being married to the owner of an insurance agency, I would have at least above average insurance knowledge. You would be assuming incorrectly. With the wealth of knowledge shared between my father, my brothers, and my husband, I never really felt the need to understand insurance coverage. They simply told me what coverage I should have and that was the last I thought about it…until recently.
As Jim and I discussed coverage of an item stolen from a friend’s car, it came as no big surprise to me that I was terribly confused. Theft coverage is dependent on what is stolen? Really? “Wow,” I thought, “this would make a great blog article!!” Since we were in the car driving to Philadelphia, I had Jim captive for an hour or so. I took out my pen and began writing down the information as he explained it – right there on the back of our directions! Here it is:
- Stolen Car – You are covered under your vehicle Comprehensive coverage, subject to your Comprehensive deductible.
- Items Stolen from Your Car – You are covered under your Homeowner’s policy, subject to your Homeowner’s deductible.
- Stolen Car WITH Personal Items Inside – You are covered under both your Comprehensive and your Homeowner’s policies, subject to both deductibles.
- Passenger’s Items Stolen from Your Car – They are covered under their Homeowner’s policy, subject to their Homeowner’s deductible.
- Jewelry, Guns, Furs, and Silverware – All of these items have limited coverage on a Homeowner’s policy – usually anywhere from $1,500-$3,000; higher limits can be purchased. Discuss scheduling of expensive items with your agent; for example, scheduling your diamond engagement ring or any diamond provides you with 4C Protection (cut, color, clarity, carat weight).
- Cash – Coverage is usually limited to $250-$500 under your Homeowner’s policy. If you tend to carry larger amounts of money, you should discuss alternatives with your agent.
- Identity Theft – Protection here is a little different. After your identity is stolen, it is up to you to recover it. Identify theft protection will cover the cost of recovering your name and identity.
Who knew there was so much to think about when it comes to theft protection? I certainly didn’t!