Complaint Review: Assurant Specialty Property Insurance

 I recently purchased a homeowners policy through Assurant Specialty Property and American Bankers Insurance Company (although the actual policy pages say Ranchers & Farmers Mutual Insurance Company).  I was told my coverage for Personal Effects (the stuff in the home, furniture, TV, electronics, computers, clothes, etc) would be covered up to $20,000.  I made a point of asking many times if there were limites.  Specifically on electronics, computers, video games as I have 2 teenagers with all that stuff.  I was told no, it will cover everything.  I received my policy yesterday and there is a $1,000 limit on computers, $500 limit on video games, $1,000 on jewelry, $500 on power and hand tools.  You get the picture?  The most expensive items in your home have limits.  Then there is this sentence " WE will pay the indicated amount for each of these categories, but no more than $2,500 maximun for all losses from one occurrence".  To me this says that I really only have $2,500 worth of personal property coverage that the company will actually pay.  I would need to have $17,500 worth of clothes, furniture, TV's (when I called to complain the agent did say there was no limit on TV's) to fully utilitize the $20,000 worth of coverage I'm paying for if something were to happen to my home. 

I called to question the policy the agent the sold it to me first said "there shouldn't be any limits", but quickly transfered me to another agent who told me that was standard in the policy and if I wanted to increase the amounts I could send them proof of what I have and then they may increase it for a service change and increase in my rate.  She even told me "well that's why we send out the policy so you can make sure it covers everything you need".  I said I was told before I purchased it that it would cover everything I needed with no limits otherwise I wouldn't have purchased it.  Her response "if you wish to cancel you can fax or email us".  Terrible, terrible customer service.

I am in the process again of finding new coverage for my home and will cancel this policy as soon as I do.  Don't believe a word the agents tell you, if you purchase a policy with them, read it word for word when it comes, you probably didn't get what you asked for!