What is specialty insurance?

The insurance industry has lots of little secrets. They don’t intend them to be secrets, but it can be a complicated business and there are policies and coverage that most people have never heard of.  Such as specialty insurance.

Some people have never heard of specialty insurance. Maybe you are one of them. It’s another one of those esoteric terms that most are unfamiliar with. But it’s way more common than you think.  Here are a few examples.

Do you have a coin collection that you started as a child and is now quite extensive and expensive?

Have you bought a fleet of all-terrain vehicles for your kids to use on vacation?

Do you have a boat? A few personal watercraft? A motorcycle?

Those can be considered special or unique.

What about a valuable art collection? or antiques? How many times have you watched Antiques Roadshow and heard the appraiser give “insurance value?”  All the time, right?  In all probability, when the owner got home and contacted their insurance company they were  told that they need some form of specialty insurance.

Specialty insurance is just what it sounds like—insurance for items that are unique in some way and that are not covered under your standard homeowners insurance policy.

When a specialty item—whether it’s a family heirloom, a vacation memento or just something you love—is lost or damaged, it can be very emotional. If it’s not insured, you have no recourse at all for repair or replacement.  That’s why it’s important to talk to your agent about anything special or unique in your home. Or in the garage.

Here’s what’s critical to understand. While everyone is looking for low-cost homeowners insurance quotes in Pennsylvania, those quotes may not include these special and unique items. They may be some of the most important of your possessions and that’s why you’ll want to protect them with specialty coverage.

If you haven’t made a list of the possessions that mean the most to you, sit down and do it now. Chances are that among them are a few specialty items that will require special coverage. They’re often things we don’t even think of. But now’s the time to start thinking of them and making sure they are insured and you are protected from their loss.

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