What is not covered by a homeowners policy if a theft occurs?

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Most policies have a limit on the amount of cash that they will replace. Also, individual items with high values (jewelry, firearms, or collectibles) are only covered to some maximum value unless they are declared on the policy and an additional premium has been paid. In addition, if you are under-insured, they may pro-rate the settlement. For instance, if you have $200,000 worth of personal property but only $100,000 coverage and $50,000 is stolen (or lost to fire, etc), they will probably only pay you $25,000 because you were only insured for 50% of the total value.

First answer by Ozzy37ave. Last edit by Knowledge. Contributor trust: 644 [recommend contributor]. Question popularity: 17 [recommend question]

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