My purpose in writing this brief article is to provide a little information about insuring personal property while it is being moved or is in storage, and to encourage you to do a little insurance planning.
Many of you have probably learned the hard way that all insurance policies have coverage limits, special limits, conditions, exceptions, and exclusions.
In fact, years ago I got carried away and decided to highlight a Homeowners Insurance Policy in three colors:
• Green, where coverage was given
• Yellow, where it was limited
• Red, where it was taken away
I don’t remember the exact percentages, but, after I had finished, approximately 97 percent of the policy was yellow and red (i.e. taking coverage away). So, now that you know that a lot of things are not covered by your Homeowners Insurance Policy, let’s look at a Q&A about coverage for your personal property while moving or in storage.
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