Coverage C Homeowners Insurance – What Is Special Perils Coverage?

Homeowners who own their homes and are in need of homeowners insurance should look into Homeowners coverage C. This is a policy that covers homeowners from a variety of common home hazards. Some of these are the fire, smoke, hail, and break-ins. Other than those that are covered by this policy, it provides coverage for a wide array of other things including, but not limited to, thefts, explosions, vandalism, and civil disturbances. All of these can cause you to lose valuables. In fact, valuables may be irreplaceable.

There are a number of reasons why you would need this type of homeowners insurance policy. If you happen to be the owner of an antique, then you know first hand how expensive it can be to replace your antique. It is possible, however, to add coverage for antique damages to your homeowners insurance policy. The cost of antique damage insurance will vary depending on the policy that you select.

This is the same category as with antiques. You will want to determine which of these, if any, are insurable and then determine which of those, if any, have the highest rate of replacement. You can usually find this information on the policy or rider that accompanies the insurance quote. The higher the value of the item, the more likely it is that you will need this type of coverage.

When searching for an insurance company that will give you a quote with this type of coverage, you will probably find that you are provided with a few different options. Some insurance companies provide extended coverage for your antiques. Others will give you basic coverage that will include fires, smoke, and theft. Still others will provide a combination of the two, which is called inflation coverage.

Of course, the cost of insuring your antique may be a consideration. Before you make such a determination, consider how much it would cost for you to replace the item. If it were to be destroyed, how much would you have to spend to rebuild it? How much would it cost for you to get another one made? Do you think that you could afford to insure it at a higher cost than the inflation coverage?

If you are not certain whether the price of your antique would cover the cost of inflation coverage, ask how much it would cover for a standard appraisal. Assess the value of your item and determine how much it would cost to insure it at its current market value. You may be surprised to know that the cost of insuring an antique at its current market value is actually lower than it was when it was first purchased. Check out your insurance policy or rider to find out why. You may be able to save money in the long run by doing so.

When you add in the special perils coverage on your homeowners policy, you may be better off. This type of coverage insures against the loss occurring due to a deliberately planned negative event. If your item has sentimental value or is a collector’s item status, this is the coverage you will want to purchase. Items like antique pianos should be included in this category.

Some people feel that they can insure their antiques at a lower rate than the current market value because of certain exclusions. In the event that you need to make a claim, you will need to check the fine print. Some companies exclude certain antiques from being insured. Others have a limit on the amount that can be insured. It is always best to familiarize yourself with the insurance company policies before you purchase your homeowners policy.