CHAPTER 4 – PERSONAL PROPERTY FLOATER

It is important to keep in mind that the total amount of insurance in each category is the maximum limit of recovery for any single loss to property in that particular category.  The total amount for all 13 categories is the Total Policy Limit.  A $100 deductible applies to each loss.  Obviously, a higher deductible is also available with a corresponding reduction in premium.

THE TREATMENT OF NEWLY ACQUIRED PROPERTY

Newly acquired property is automatically covered up to 10% of the total amount of insurance or $2,500, whichever is lower. The insurance on newly acquired property can be applied to any of the 13 classes. Keep in mind that the total amount of insurance is not increased.

As to property located at a newly acquired principal residence, coverage is for 30 days from the time the property is moved there.

PROPERTY NOT COVERED

The PPF does not cover the following types of Personal Property:

»  animals, fish or birds

»  boats, aircraft, trailers and campers

»  motor vehicles (including motorcycles and motorized bicycles) designed for transportation or   recreational use

»  equipment and furnishings for the above vehicles unless they are removed from the vehicle and are at the insured's residence

»  owned property pertaining to a business, profession, or occupation (however, professional books, instruments and equipment are covered while in the insured's residence)

»  property normally kept other than at the insured's residence throughout the year.

The PPF also has specific limits on certain types of property.  There is a $100 limit on money, a $500 limit on securities, notes, stamps, passports, tickets and similar property; and a $500 limit on jewelry, watches and furs.

EXCLUSIONS

Losses caused by the following are excluded:

»  types of water damage excluded elsewhere in the policy

»  acts or decisions of any person, group, organization or governmental body

»  any work on covered property (other than furs, watches and jewelry)

»  animals owned or kept by the insured

»  dampness or extreme changes of temperature (except if caused by rain, snow, sleet, hail or     bursting of pipes or apparatus)

»  wear and tear, deterioration, or inherent vice

»  mechanical or structural breakdown (except by fire)

»  marring or scratching of property, breakage of eye glasses, glassware and other fragile           articles (but not if the loss is caused by fire, lightning, theft, vandalism or malicious mischief, and several other causes of loss specifically named in the policy)

»  insects or vermin