Did you know? Michigan Homeowners Insurance has sub-limits

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The Sky Is The Limit Right… NO!

Do you own collectibles, antiques and other valuables? Do you know that your insurance policy has limits on the coverage of a number of items? Do you know what your limits are?

These limits mean that the funds you will receive after a loss are limited to a set amount, quite often way below the full value of what you own. Though policies differ, there is an average, or standard, limit amount throughout the insurance industry.


A few items and the common limit amounts are:


– Jewelry:     $1,000-$3,000
– Guns:     $1,000-$3,000
– Sports/Stamp/Coin Collections:     $1,000-$2,500


Assets that exceed the specific limit stated in the inland marine section of your homeowner’s policy need additional coverage. This special type of coverage can be achieved through a lump-sum rider (often referred to as “scheduled”) or on a per-piece basis. The cost for this additional insurance coverage is minimal when you consider the potential loss.


EXAMPLE: Let’s say your insurance policy has a $2,500 limit on jewelry. After your inventory is completed, you realize that your jewelry is worth $10,000 and you haven’t purchased a rider. When you’re burglarized – or have any other loss such as fire or tornado – you will receive only $2,500 from your insurance company. This results in a loss of $7,500!

Review your insurance policy, then discuss your coverage with your agent to make sure you’re properly insured.


“Your Future is Our Focus”

Contributed by Chris Beardslee

Allied Insurance Account Executive since 2010