Contents insurance is primarily purchased with home insurance. Definition of Contents widely covers jewelries, watches, cash, antique and so on. Total sum insured is generally calculated based on the total value of the contents within the property. High value items require special underwriting for assessment of the risks. The insurance company will set the corresponding underwriting terms and conditions due with specific insured amount. Unspecific items will be based on the exiting terms and conditions.
Unspecific jewelry is generally valued at 15% of the sum insured or $15,000. The higher value can be chosen if there is any value conflict. Any jewelry valued more than $50,000 will be required for special security facilities. Otherwise, the insurance company does not cover theft or unreasonable loss claims.
Camera and lenses are considered as one item; however, it could be insured separately by request, and the spare lens can be considered as a separate underwriting item. Claim limit for camera equipment or bicycle is generally $3,000 per piece. Mountain or road race bike requires specific value. Claim limit for canoes, kayaks or surfboard or boat is $3,000. Any boat value exceeds this price cannot be covered by contents insurance. Items with claim limit of $2,000 include accessories removed from car or boat and remote-control models. Baby seat can be classified as car accessories.
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