Personal Property Coverage on Homeowners Policy

Claude Singleton, manager at Bray & Oakley in Lexington and Richmond recently discussed important tips and insights for your homeowners policy.  

What is personal property coverage?

Simply, personal property would be defined as special valuables you own that would be expensive to replace if lost or stolen. It could be jewelry, fine art, firearms, electronics, or family heirlooms. 

What are the limitations on personal property coverage?

 Most companies have limits on coverage for jewelry, firearms, fine art, and other personal property. To make sure your coverage is sufficient, you could consider having your property listed in a special section of your policy called a scheduled articles coverage

The “scheduled” means you have to list it and submit the value from a professional appraiser and perhaps supply a photograph and other details.  This coverage is often better. You’ll have greater assurance that your items are properly covered when you bypass the limited coverage and set up scheduled coverage.

Claude  00:12

We’re reviewing through your homeowners policy right now and looking at coverages. Let’s talk about personal property. Let’s just say that you have got some special personal property that you’re really concerned about the valuation. It could be jewelry, or it could be fine arts or it could be firearms. You’ve got you’ve got guns that you’re concerned about, how’s this handled on my insurance policy? I’ll give you the short answer, it might be quite limited. And give us a call, we’ll be glad to help you walk through this and consider limits that you may have. Most companies have limits on jewelry, firearms and defend Fine Arts with they will not pay more than a set amount the insurance company will not pay more than a set amount, and maybe not very much for one individual item. So chances are if you got something nice, you might consider having that listed specially on your policy is called a scheduled articles coverage. And the scheduled means we have to list it and perhaps of evaluation from the professional, perhaps a photograph or more. And we’ll put that all in the file. And that specific item then is is listed on your policy. And as a special coverage for you. The coverages for that often are better coverages. And the deductible for that is also a different deductible, potentially, than what is on your normal policy. So all these things we can discuss with you but give us a call. We’re Bray and Oakley. We’re glad to help

How does an independent insurance agency work?

 Claude shares how Bray & Oakley, as an Independent agency works. 

“I’d like to speak now just in general about the work we do at Bray & Oakley. Bray and Oakley Insurance Agency is an independent agency, which means we represent several companies. We work with several different insurance companies that have different mindsets on what they want for insurance and what they’ll charge for insurance.

We work hard to fit our client with the right company. But we understand that some companies are just not a good fit. And so from the start, we won’t go that direction. Or perhaps as we’re going through, and we’re pricing and comparing coverages, we’re seeing that it’s just not working.  We have options, and we are not locked into one path or one solution. We have so many companies that are good companies, and we’ve got a very good reputation with them, so it gives us the ability to get great coverage at the best price for the right company for every client.”

Independent Insurance Agency Vs. Direct Writer

There are other types of insurance agents who are not independent agents. They have usually only one company to choose. And if for whatever reason the pricing is not the best, they will not have an alternative to share with you. I would advise you to talk with us, to give us the opportunity to serve you to allow us to price with different companies, and also to prepare the coverage that fits your unique situation.. We’re not just going for best price. We want a fair price. We want you to pay the lowest price possible, but also want you to be in the proper coverage. So we will find the company that matches coverages and premiums to provide the best fit for you. Give us a call. We’re glad to help!

Claude  00:13

We’ve been looking through homeowners policy pages and your dec pages and things. And I’d like to speak now just in general about the work we do at Bray and Oakley. Bray and Oakley is an independent agency, which means we represent several companies. We work with several different insurance companies that have different mindsets on what they want for insurance and what they’ll charge for insurance. And we work hard to fit whoever it is we’re visiting with our client to fit them and the company properly! But we understand that some companies are just not a good fit. And so from the start, we won’t go that direction. Or perhaps as we’re going through, and we’re pricing and comparing coverages and things, we’re seeing that it’s just not working. Well, the wonderful thing is we’ve got so many companies that are good companies, and that they are willing to work with us, which is great. We’ve got a very, very good reputation with them, that we can find the pricing and the coverages to help our client that best. Now, there are other types of insurance agents who are not independent agents, they have a company. And if for whatever reason that pricing is not the best pricing, they will not have an alternative to share with you. And I would consider advising you to talk with us, to give us the opportunity to serve you to allow us to price with different companies, and also to prepare the coverages with different companies. Because we’re not just going for price. We want a very fair price. We want you to pay at the lowest price possible, but wanted to be on the proper coverage. So we will find the company to match coverages and premium to do the best for you. That is one wonderful thing and that we do. So give us a call. We’re glad to help

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