Review of the Farmers “Next Generation” Homeowner’s Policy

Originally published by Robert Trautmann.

This post is a return to my review of the Farmers “Next Generation” Homeowners policy. During this review, we have seen that this policy makes many, often subtle, tweaks to the standard homeowner’s insurance policy that results in many benefits…to Farmers. Today we are looking at the special limits placed on certain categories of personal property.
The standard HO3 policy lists 11 categories of personal property that are subject to special limits under the policy. Those categories are money defined and are standard throughout most policies. The Farmers “Next Generation” policy includes the same items as the standard HO3 policy, but adds two additional categories. They are:
9. Imported rugs, carpets and tapestries.

$5,000 any one article and $10,000 total limit on theft of imported rugs, carpets and tapestries. This applies even if such items are artwork or decoration. Imported means made or manufactured in whole or in part outside of the United…

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