Questions about Farm Insurance?
Farm Insurance has seven different coverage forms, this does not include optional coverage forms, additional coverage, etc. We will delve into that in upcoming blogs!
What does Coverage C- Household Personal Property Cover?
Coverage C covers the household property of the insured, those who reside there (members of insured's family), or for those staying/residing on a covered dwelling on the insured's property. This coverage will also cover household property away from the insured's premises, however, the limit of liability is 10% of total Coverage C amount, or $1000, whichever is more. If the insured is a tenant and they make improvements such as alterations or building additions that they use exclusively, then again, the amount of coverage is 10% of Coverage C's total limit of liability.
There are some Exclusions and Special Limits of Insurance that apply to Household Personal Property Coverage. Let's discuss Exclusions first, then we will look at Special Limits.
Exclusions to Coverage C:
1. Articles specifically described and specifically covered under this or any other insurance.
2. Trees shrubs, and plants (unless covered under an extension).
3. Birds, Fish, Animals
4. Business Personal Property (except for those items covered under Special Limits).
5. Magnetic Recording or storage media for electronic data processing, except that which are purchased prepackaged software programs.
6. Any device for transmitting, recording, receiving, or reproducing sound/pictures, unless specifically described/covered in the policy.
7. Farm personal property, other than office fixtures, office equipment, or furniture.
8. Motor vehicles designed for road use that are required to be licensed, unless being used to assist the handicapped or used to service the insured's grounds, dwellings, etc.
Special Limits of Insurance for Coverage C:
Specific items/categories of household personal property have special limits that are a part of this policy. They are subject to any applicable deductible. These limits are the MOST the insurer will pay for any damage to property in the category per occurrence:
1. Platinum, silver (other than silverware), gold (other than goldware), and money - Limit is $200 per occurrence
2. Letters of credit, passports, securities, and manuscripts- Limit is $1500
3. Furnishings, engines or motors, trailers, watercraft (inc equipment) - Limit is $1500
4. Trailers not used for farming operations or with watercraft - Limit is $1500
5. Gravemarkers - Limit is $1000
6. Business Personal Property on the insured location - Limit is $2500
7. Business Personal Property away from the insured location - Limit is $500
There is property that is also subject to Special Limits due to Theft:
1. Jewelry, furs, precious and semiprecious stones, and watches - Limit is $1500
2. Goldware, silverware, pewterware, and other items made of or containing gold, pewter, or silver - Limit is $2500
3. Firearms- Limit is $2500.
FARM INSURANCE DOES NOT HAVE TO BE CONFUSING!
OUR EXPERT TEAM HERE AT FERRANTI-GRAYBEAL INSURANCE IS HERE 24/7 (OFFICE AND ONLINE) TO ANSWER ALL OF YOUR QUESTIONS. OUR COMBINED LEVEL OF EXPERIENCE AND EXPERTISE WILL GIVE YOU THE PIECE OF MIND YOU DESERVE.
TRUST US TO PROTECT WHAT MATTERS MOST!
VISIT US ONLINE: FARM INSURANCE, OR GIVE US A CALL AT: 541.567.5523. WE'RE HERE TO HELP!