Additional Coverage

Additional coverage is usually that which you add to any personal policy such as a jewelery schedule, sports equipment, coin collection or fine arts floater. This specifically declares the item and often will be accompanied by an appraisal.

Examples of typical limits on a homeowner policy could be $6,000 maximum payout for a claim resulting from mysterious disappearance or $1,000 limit for such a claim for a coin collection. If you can provide the documentation then you will get paid the full amount for replacement after a claim such as a fire. For theft or a break-in the limits stated in the policy declaration will apply. Not all companies are the same so this is an area to explore.

Every policy will have limits. Sit down with your agent or broker and have a frank discussion of what is important to you. The adviser can help you find the right company. It is up to you to do an inventory and have adequate documentation of these items.