Newly Acquired Property

Definition
Newly acquired property is contents which have been recently purchased in addition to what is shown on the coverage page of your insurance policy. These contents are automatically insured as long as you have notified your insurer within a certain time period, usually 30 days.

How does this affect me?
You have this automatic coverage built into your policy. Since it does have a time limit you need to be sure you notify your insurer in a timely manner. An example would be if you have equipment shown on your schedule of insurance. You have purchased a new piece of equipment and you have 60 days to notify the insurer. On the 58th day since purchase someone steals the equipment. Your claim would be investigated and could be paid out under your policy. If it was 61 days from the date of purchase then your policy would not respond.

Document, document, document!
To best protect yourself if is wise to keep your insurance policy as up-to-date as possible. The insurance answer is always within the limit of the policy wordings. If you have failed to fulfill your obligation then you could find yourself facing financial loss without the benefit of your insurance policy.