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Insurance 101:
Top 10 Reasons to Purchase the Rental Car Damage Waiver
Click Here to download the Top 10 Reasons document. (The PDF requires Adobe Reader. Download a current version.)
Although damage waiver fees are generally considered outrageous, most consumers should consider purchasing the waiver for short-term rentals. This article addresses the types of losses and expenses that a consumer can incur that may not be covered by their auto insurance or credit card coverage.
Special Limits on Your Policy
How much money do you keep on hand for emergencies? How much jewelry do you own? Do you have a unique collection? These are all questions that were asked when your first homeowner’s policy was written. What has changed since then? All property policies contain limitations on certain types of property. Look for the section in your homeowner’s policy titled, “Special Limits on Certain Property.”
Special limits may include the following: Money, bank notes, bullion, coins and medals and other numismatic property and precious metals including platinum, gold and silver, but not gold ware or silverware: Limit 200.
In this case, the policy would limit recovery to only $200 after the application of your policy deductible. In some cases, this amount of recovery would barely scratch the surface of the actual loss.
An insurance policy is written to provide coverage for the average policyholder. Most of us do not own collections, or keep large amounts of cash at our homes, and we probably would not want to pay a premium that would provide open-ended coverage for such unique items. While the policy provides limited coverage for special types of property, some consumers require higher limits with broader coverage than provided in the basic policy.
For the collector or owner of unusual property items, there is a solution. It is possible to amend your homeowner’s policy, by endorsement, to provide special coverage for unique items.