ALL RISK is an insurance industry description that should be reviewed for exceptions. The usual farm operation is not eligible for homeowners insurance, so the insurance industry has developed a similar protective program for farmowners. Its format is very much like the homeowners program. This additional coverage is necessary for expensive items not adequately protected by standard provisions in homeowners policies. Such items include cameras, art objects, furs, jewelry, musical instruments, golf equipment, etc.
Homeowners insurance provides very limited protection for stamp or coin collections.
Additional coverage for valuable collections can be added to the homeowners policies through endorsements. To adequately insure your dwelling, you must know its replacement value. This may not be easy because increased building costs have caused home values to rise dramatically. If you aren't sure of your home's value, play it safe and get an appraisal. Remember, that the amount of insurance on your home is the base on which other policy coverages are determined.