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Common Limitations of Home Insurance

limitations of home insurance

Special limitations of home insurance coverage apply to some types of personal property. These restrictions can be in general, or only in certain circumstances. In this article, we will focus on the limitations which apply when loss or damage has been caused by theft.

The following information is reflective of SouthEastern Mutual’s Basic, Broad and Comprehensive home insurance policy wordings. Therefore, it is not meant to represent the wordings of other insurance companies.

The following types of personal property items are affected by limitations of home insurance coverage in the event of theft.

Jewellery

First of all, jewellery, watches, gems, fur garments and garments trimmed with fur are limited to $3000-$6000, depending on the type of home insurance policy.

Numismatic Property

This includes items such as coin collections and has a limit of up to $500 in all.

Collectibles

Items such as manuscripts, sports memorabilia and stamp collections are limited to $1000-$3000, depending on the type of home insurance policy.

Silverware

Silverware, silver-plated ware, gold ware, gold-plated ware and pewter ware also have a limit of up to $10,000 in all.

Bicycles

Bicycles and related equipment have a limit of $1000 for any one bicycle or unattached piece of equipment.

Golf Clubs

Similarly, golf Clubs are limited to $1000-$2000, depending on the type of policy.

Guns

Finally, guns are limited to $2000-$3000, depending on the type of home insurance policy.

Do you own these types of property with values in excess of the limits listed above? If so, you may be able to increase your limits of insurance by purchasing a personal article floater or special limits increase endorsement. Contact your agent or broker to ensure you have sufficient home insurance coverage for your needs.

Check out these other articles to learn more about home insurance policies:

Insurance: Replacement Cost vs Actual Cost Value

7 Ways to Save Money on Home Insurance

7 Everyday Insurance Terms You Should Know

This article is intended for informational purposes only. It is recommended that you speak with your Agent, Broker or Insurer for accurate information pertaining to your specific insurance policy and/or individual insurance needs.

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