Did you know most homeowners policies include coverage for guns and jewelry? The thing is, the coverage built into your existing policy only has a limited amount of coverage for these items. Farmers homeowners policies come with $5000 worth of jewelry and $3000 worth of gun coverage.
You can add more with what is a called a floater. With Farmers anything over $2500 all by itself like a diamond ring, should be listed on the policy as a stand alone item. This is called scheduling an item. The benefit of doing this, is it adds an additional coverage that the base policy does not offer, called “mysterious disappearance”. We once covered a $25,000 ring that fell to the bottom of the pacific ocean (ironic that the coverage is called a floater) because it was listed on the policy properly. If it hadn’t been scheduled, we wouldn’t have replaced it.
Many people think they don’t need additional gun coverage because, “I have a big safe”. That is great, and you should have a big safe. What if you are out hunting and someone steals your truck with $15,000 worth of firearms in it? That actually happened to one of my clients. His truck policy doesn’t cover anything but the truck itself. It was his homeowners policy with the additional gun coverage that is going to replace those firearms.
You can also cover items in bulk. Let’s say you have a jewelry box with $7000 worth of jewelry but none of the pieces are over $2500 individually. We can add a $7000 unscheduled jewelry floater that will cover those items.
