This is a great question and one that is hard to answer until….you have a claim. The easiest way to explain HO5 or Special Personal Property Contents coverage is that it will give you broader coverage and higher limits for your personal property.
I have a perfect example that happened in our agency a few years ago. Our customer Blaine was traveling with his wife in Kanab when a deer crossed the road right behind their car totaling their two e-bikes causing damage of about $10,000 which the insurance company paid.
The exact same thing happened to someone I ride bikes with but who is not insured with our agency and his insurance carrier did not provide any coverage.
The reason the second claim was denied is that damage from animals is not listed as one of the 17 common perils covered by a standard homeowners insurance policy. What HO5 contents coverage does is remove the list of things that are covered, adds a few exclusions and the coverage becomes a lot broader!
In addition, insurance companies increase the limits on certain valuable items such as jewelry or guns when HO5 contents coverage is added providing the higher limits.
Every company’s HO5 endorsement is a little different and they have different names, most common is Special Personal Property. You will need to refer to your individual policy or ask your agent about the coverage that your company may provide. The cost depends on the company and other factors but can be very inexpensive, as low as $25.00 per year.
Call or click for more information on HO5/Special Personal Property homeowners insurance from Anderson Insurance Group in Salt Lake City Utah.
