Homeowners insurance exists to protect your home and your possessions from events such as fires, hurricanes, severe storms and tornados. Homeowners insurance also exists to protect you as the homeowner in the event of an accident occurring on your property through what is known as liability coverage. Liability coverage protects a homeowner when someone is injured while on their property.

Why is liability coverage such an important component of a homeowners insurance policy?  Well, quite plainly because accidents happen.  Often an accident is not one person’s fault; however, if an accident does occur on your property, you may have to assume responsibility for it.  Consider, for example, if your neighbor slipped and fell on an uneven step entering your home and was injured.  Or, if your son is playing baseball in the backyard and hits the ball into a neighbor’s window?  These types of events are most likely where your liability coverage will come into play.  Liability may coverage also protects you when damage or injury is caused by your pet, such as your pet biting someone delivering a package to your door. This coverage can also travel with you, so if your dog bites someone away from your home, that may be covered as well.

For many, the liability coverage included in their homeowner insurance policy is sufficient, but others may choose to purchase additional coverage.  Below are some reasons why you may want to look into expanding your existing coverage:

-  You own a swimming pool

-  Social gatherings are held frequently at your home

-  You have lots of pets.  (If you have a dog that is considered to be an aggressive breed, you will want to pay close attention to whether or not you will be covered if your dog bites or injures someone.)

As with all types of insurance policies, there are exceptions to liability coverages.  All the limits and exclusions are specified in your policy and it is recommended you to review your policy to make sure that you have the coverage you need.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.

 What is it?

Scheduled personal property (SPP) insurance is an easy way to protect your personal valuable items. Your standard homeowner’s policy provides coverage for these types of items, but there is always a cap, called a sublimit, that reduces coverage for specific items below the overall limit of personal property coverage.

Scheduled personal property can be added to your homeowner’s or rental policy as an endorsement. It will help protect your personal or business items not covered under your regular policy due to the risk potential being too great.

Why get it?

Universal Coverage: Most of these types of policies will cover your items anywhere in the world. If your wife loses her engagement ring while abroad; you can recover the cash value if it is listed in your SSP coverage. All item declarations must be made prior to any claim. Make sure all of your valuables are on your policy; and if you receive or purchase a new item, make sure to add it to your policy immediately.

SPP will cover just about anything, except in rare cases where the item is a one of kind and can not be replaced.

Here is a list of common items that may require SPP coverage:

Jewelry: wedding rings, pendants, bracelets, watches, precious and semi- precious stones.

Furs: real fur garments and garments that are trimmed with real fur.

Cameras: digital, still, movie, video and equipment.

Musical Instruments: professional and non-professional

Silverware: silverware, antique silverware and gold ware

Fine Arts: paintings, etchings, vases and sculptures

Manuscripts: books and letters

Sports Equipment: golf clubs, workout equipment and other pricey items

Collectibles: coins and stamps

Tools: Hand and power tools

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.