Here in Florida, we are a state that takes pride in our homes and our valuables. We have an excellent record of insuring our valuables, and really appreciate the importance of keeping everything and everyone we hold dear, safe in the face of adversity.
As such an upstanding community, it may surprise you then to know that quite often new additions to our homes are often left unannounced to our insurance companies, leaving homeowners wide open to financial losses should the worst happen.
For example, did you know that if you receive a valuable piece of jewelry for your birthday, or are the lucky recipient of a shiny new engagement ring that you fail to advise your insurance provider of, it may not be covered if it is lost or stolen? Stay protected and take note of all the new additions to your home that could change, or even invalidate your current insurance coverage. Here are a few common examples:
A New Car
This is probably the most obvious example, but there are households out there that neglect to add a new vehicle to their insurance coverage or tell their insurance agent when they trade in or upgrade their existing vehicle.
When you purchase a new vehicle, you will need to have it insured to drive it on public roads. Most people will insure the car the minute they take ownership of it and will speak to their existing insurer to advise them of the change in vehicle. If you buy a second car, you may be able to add it to your existing auto insurance on a multi-vehicle policy.
Driving without insurance is illegal in Florida, and even if you keep the vehicle off-road, you should still look at obtaining insurance coverage in case it is damaged or stolen.
A New Piece of Jewelry
That gorgeous diamond ring your dearly beloved has just purchased for you is worth so much more than just the price tag. Any high-value jewelry should be added to your insurance as soon as it is in your possession.
Homeowner’s insurance policies typically provide limited coverage for jewelry but may not pay out if your jewelry or any gems from jewelry are simply lost or mislaid. With every item of jewelry, you own, you should carefully read through your insurance policy to see if the coverage offered is adequate. If not, you may be able to purchase an addendum that offers specialist jewelry insurance.
A New Pet
Yep – even getting a new four-legged friend can have an impact on your insurance obligations. Owning and looking after a pet can be an expensive business with vaccinations and vet bills often running into thousands of dollars at a time.
Dedicated pet insurance offers a cost-effective way to help provide your pet with the access to veterinary care that they will need throughout the course of their lifetime, without sending your bankrupt. When you first look into getting a new pet, research pet insurance and find a provider who can offer the coverage you need first. If you are surprised with a new puppy on Christmas day, the same rules apply – see coverage as soon as you can.
A New Trampoline
The beloved trampoline may bring back fond memories of our own childhoods, but in reality, they are one of the biggest causes of children’s accidents in the home in the state of Florida. All that jumping can easily result in bumps, breakages or even worse, and many insurers will not touch them! This means, that something as simple as receiving a trampoline for a birthday or Christmas gift could invalidate your homeowner’s insurance if you fail to tell your insurer about it or see your policy canceled even if you do.
There are insurers out there who will cover trampolines, and your existing provider may be OK with them. But, whether you have to change provider or not, the simple truth is that you MUST tell your insurance company if you have intended to erect a trampoline.
Further advice from the Sena Group
If you would like to know more about what you should insure and when call our agents today at 561-391-4661.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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