My Inherited Crystal Was Not Covered

Know the Gaps

In 2012, the average dollar loss per burglary, in the US, was $2,230, according to the FBI.*

However, when Linda Smith’s home was broken into last year, thieves made away with expensive crystal worth much more than that.

Her Story

Like most mothers, Linda, a stay-at-home mom, worries about her kids constantly and plans meticulously for their future. To such an extent, that she even purchased life insurance to help cover the cost of hiring a full-time nanny in case something were to happen to her and her husband were left with the kids.

So, when she inherited a significant amount of valuable crystal from her grandmother, she carefully stored the collection away in boxes and planned to pass those on to her daughters one day.

However, she overlooked one critical detail. She didn’t update her homeowners insurance, thinking that the crystal would be completely covered under her existing policy.

Unfortunately, her house was broken into and all the boxes disappeared, along with plenty of other valuables.

That’s when Linda found out that her homeowners insurance coverage was not sufficient to pay for her inherited crystal. Even though coverage was enough for most of her other stolen property, her crystal was valued far higher than her available policy limits.

The Gap

Typically, homeowners insurance provides coverage for your valuables (up to your policy limits). However, if you own expensive or unique stuff like jewelry, furs, coins, fine arts (or in this case, crystal), their value is probably higher than the limits stated on your policy.

And, if like Linda, your valuables are lost or stolen, you may be in for a nasty surprise when you discover that your insurance policy doesn’t fully cover the cost of replacing your high-value belongings, and you have to pay out of pocket.

This is not a completely new concept to some homeowners, who may carry personal article floaters to help cover the cost of their valuables. But while it may be easier to remember to cover the new diamond bracelet your husband purchased for you last year, it may slip your mind (understandably so) to cover something handed down from a relative who passes away.

Remember though, that if you inherit something, it’s just as important to get it appraised and to consider purchasing a personal articles floater.

Otherwise, imagine if an art collection you inherited from Aunt Edna worth $10,000 was stolen, but your policy only covers up to $2,000 against theft?

That’s a major gap in your valuables coverage, and one that you can help fill by purchasing a personal articles floater.

Talk to your local Farmers agent, who can help you:

  • Identify gaps in your coverage.
  • With insurance options you can tailor to your particular needs, including personal article floaters for your policy.



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