Professional Insurance Programs

Understanding Special Personal Property: What is it?

Check out this scenario:

The brand new HD Smart TV you purchased is finally mounted on your wall just in time for your Fall TV favorites. Now after a day at the office, you can put your feet up and relax enjoying TV with a new experience.

You’ve just sat down with a bowl of popcorn, getting comfortable on your favorite recliner, when suddenly you hear a snap– BAM! That brand new TV is now lying on the floor with a cracked screen. You think, ” Is this covered in my homeowners’ policy?”

Let’s find out: do you have open peril coverage?

Open peril coverage, or Special Personal Property, means that you are covered for all perils EXCEPT those mentioned as exemptions in your insurance policy.  While there are a large number of perils that could cause damage or loss to your personal property, a select few are specifically mentioned as exemptions—most commonly, flood and/or earthquake.

In most cases, damages to a television are not specifically excluded in Special Personal Property endorsements. This allowable claim will have your new TV back up on your wall in no time at all, without paying out-of-pocket.

However, exemptions vary between insurance companies. Check out your policy to see your specific coverage. To find out more about Special Personal Property, contact our Personal Lines Service Team at 800-637-4676.