Description
Unless you collect the same item or have an interest in the same hobby as an insured, you may be asked to insure items about
which you have little first-hand knowledge. Every homeowners’ policy has limitations that apply to certain classes of personal
property and liability arising out of activities in which an insured may be involved. Examine the difference in valuation methods
based on Actual Cash Value, Replacement Cost, and Agreed Value. Evaluate significant differences in the level of protection for
owned versus non-owned motorized “toys” under a homeowners’ policy. Examine how a personal umbrella policy can help fill in
the potential coverage gaps.