Friday, June 11, 2010

PERSONAL PROPERTY ENDORSEMENTS. ARE YOU PENNY WISE AND POUND FOOLISH?

PERSONAL PROPERTY ENDORSEMENTS


WEST PALM BEACH, Florida - The success of PBS' "Antiques Roadshow" made people realize that they might own potentially valuable items. Homeowners began purchasing additional coverage for items that would ordinarily be subject to loss limitations in a typical homeowner’s policy. Valuable works of art, fine jewelry, extensive coin collections, and other unique items have always been insured through Inland Marine policies. Other personal property includes cameras, furs, musical instruments, silverware, sporting equipment, glassware, memorabilia, stamp and coin collections, firearms and other unique items. Even baseball card and comic book collections or old train sets are worth protecting.

In the past, only wealthy collectors purchased endorsements called personal property riders, to cover valuable items. Many insurers offer policies specifically for this purpose. It is important to discuss the limitations of your homeowner’s policy with your agent. Many people are under the false assumption that their HO insurance will reimburse them for anything that is stolen or destroyed. It’s a rude awakening to discover your $15,000 engagement ring gone and that you are only covered for $1,000. Those old baseballs that were autographed by Mantle and Mays that got soaked during the hurricanes? Don’t expect your insurer to get all nostalgic and reimburse you for their full value.

Without a personal property endorsement, regardless of whether you’ve kept an inventory and photos of your valuable stuff, when disaster strikes, you might as well hand the adjuster a blank sheet of paper. You’ll only receive the policy limit and that’s all.

From “Insurance for Dummies”: To get what you deserve for your collections at claim time, you need to document every item to prove its existence for the claims inventory and to prove its condition for the valuation. You need to authenticate the originality of items whose value depends on their originality. You need to make sure your policy limit on belongings is high enough to cover all your collectibles and all other, normal, personal property. And, finally, you need to make sure that the kinds of losses that can damage your collections (breakage for sculptures, water damage for books) are covered.

The most important part is to make sure you obtain adequate coverage.

Next, provide an appraisal to your insuror.

Then, go and get a good night’s sleep.


AUTOMOBILE AND PERSONAL PROPERTY APPRAISERS
SERVICE THROUGHOUT SOUTH FLORIDA

Our service area includes St. Lucie, Martin, Indian River, Brevard, Palm Beach, Broward and Dade Counties. Cities include Fort Pierce, Port St. Lucie, Stuart, Palm City, Jensen Beach, Hobe Sound, Jupiter, Palm Beach Gardens, West Palm Beach, Lake Worth, Boynton Beach, Delray Beach, Boca Raton, Deerfield Beach, Coral Springs, Coconut Creek, Pompano Beach, Tamarac, Sunrise, Lauderhill, Plantation, Fort Lauderdale, Davie, Pembroke Pines, Miramar, Hollywood, Hallandale, Miami, Opa Locka, Hialeah, Coral Gables, Kendall and Homestead.

Diminished Value Appraisals throughout Florida including, Miami, Fort Lauderdale, Tampa, Jacksonville, Daytona Beach, St. Augustine, Lakeland, Panama City, Orlando, Pensacola, Fort Myers, Key West, Sarasota, Port Charlotte, Clearwater, Kissimmee, Melbourne, Daytona Beach, Ocala, Gainesville, Lake City, Sebring, Bradenton, Titusville, Panama City, Bonita Springs, Naples, St. Petersburg and Tallahassee.

Our rates for services are as follows:

Auto Appraisals (Donations, Bankruptcy, Divorce, Insurance Disputes) $125.00

Stated Value Appraisals (Antique & Classic Cars, Street Rods, Motorcycles, RVs, Trucks) $175.00

Auto/Truck/RV Condition Reports $225.00 and Up

Diminished Value Appraisals (Determines how much less your car is worth after accident repairs) $225.00

Personal Property Appraisals (Contents, Collectibles, Art, Antiques) $225.00 and Up

All other services and additional time when necessary  $75/Hr.

Expert Witness - Court Appearances, Depositions, Mediation $225/Hr.

You may obtain appraisals for Financing, Charitable Donation Tax Credits, Collateral, Damage Claims, Equitable Distribution, Bankruptcy, Estates, Insurance Stated Value, Purchase & Sale and Diminished Value.

Appraisals of Personal Property, Art, Boats, Classic & Custom Autos, Antiques, Collectibles & Memorabilia, Electronics, Machinery, Motorcycles & Choppers, Furnishings, RVs, Trucks & Heavy Equipment. Business Valuations specializing in all types of small businesses.

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Keywords for this article: Antiques Roadshow, APPRAISAL, art, baseball cards, books, coins, comics, endorsement, FLORIDA, homeowners, insurance, jewelry, PERSONAL PROPERTY, sculptures, st. lucie appraisal, stamps, trains

Revised 08/29/2012
Updated 06-20-2013