Protect your most prized possessions with valuable possessions insurance.
Are your most prized possessions properly covered?
Most homeowners insurance or renters insurance policies have a limit on how much they will pay for any single item. While this is fine for most possessions, it can mean you won’t get the full amount for expensive items such as jewelry or artwork. That’s where valuable possessions insurance comes in.
Get the actual value to replace what you’re covering.
A valuable possessions policy has other benefits, in addition to making sure you are adequately covered. For example, you may be able to get coverage based on the actual replacement value of the item that you are insuring rather than a generic market price. It’s well worth getting regular valuations and keeping your policy up-to-date to reflect these figures.
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Jewelry
Risk Factor
Few items hold both real and sentimental value like jewelry. Most homeowners' policies have limits for how much they will pay to replace jewelry, regardless of how much is lost or the value of the piece.
Solution
Adding your jewelry to your homeowners policy as scheduled property can insure it at its appraised value. Acquiring a special policy just for jewelry is also an option.
Art
Risk Factor
Fine art can range from a warm decoration to a valuable collection. It also usually has a limit on coverage for homeowners policies, creating a gap between what it is worth and what you may receive in a claim.
Solution
Scheduling your art on your homeowners or putting it on a special property policy can help protect it at the appraised value.
Electronics
Risk Factor
Electronics are more expensive than ever, and high-value items may have a limit to how much a homeowners policy would pay out if you had an accident or loss.
Solution
Valuable electronics, such as computers and servers, can be listed separately on your policy or added to their own policy to more accurately represent their value.
Silverware
Risk Factor
High-value silverware and heirloom cutlery typically have a limit to what would be covered during a claim.
Solution
This important property can be scheduled to your homeowners policy or go on a special policy specifically for your valuables.
Antiques
Risk Factor
Antique furniture and other important pieces may find themselves limited by coverage on a typical homeowners policy.
Solution
These important items should be protected either by scheduling them on your policy or by adding them to their own policy for the appraised amount.
Additional coverage for accidental damage.
Some policies may also have the option of covering accidental damage to expensive items like jewelry or artwork—something that isn’t always an option with home insurance. These items may include:
- Antiques
- Artwork
- Collections
- Electronics
- Jewelry
- Musical Instruments
- Oriental Rugs
- Watches
Covers what home insurance alone cannot.
Another option worth considering with valuable possessions insurance is coverage that isn’t restricted to your home. For example, a home insurance policy often won’t cover loss or damage to jewelry that you wear out of the house—whether that’s a necklace on special occasions or an engagement ring you wear every day. These types of policies will often have the option to cover such losses.
Not sure if valuable possessions insurance is for you? Contact us to learn more.
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