Mysterious Disappearance

What is mysterious disappearance? The insurance answer is that in regards to your property policy there is certain limitations that you need to consider.

What parts of your personal property has these limits? In the case of theft or mysterious disappearance an insurance company will only pay a maximum amount for certain high risk items such as furs, jewelry, fine art, collections - items that are easily disposed of and easy to transport.

There could be no sign of a break-in or other cause to the item no longer being in your possession. It is lost. To help in restoring a duplicate item and to prevent a gap in your coverage you can schedule items that are of higher value. You may have to get an appraisal and you will pay an additional premium.

If you choose not to schedule items then you take the risk of exceeding the limit that will be paid out - the difference is not covered by insurance and you take that financial loss personally. The other concern is that without the items being appraised and/or scheduled then preparing a proof of loss will be difficult. You may end up being paid on an actual cash value basis rather then replacement cost.

Do be aware that for some types of loss such as a fire you would have coverage for the full limit of your stated insurance policy but again you will need to do your proof of loss with a listing of what has been destroyed or damaged.

It can be a very difficult situation if you have not done an inventory and you do suffer a loss. Your emotional trauma will make it hard to provide accurate records and likely you will not be wholly satisfied with the results.

If you have a claim and you have the item specifically listed then your company may not charge a deductible and often will not take away your claim free discount. Talk this over with your agent or broker - what do you need for your circumstance?