Don’t assume your valuables are covered by your home or renters insurance policy. Most standard homeowners or renters insurance policies offer limited coverage for valuable items.
What Are Valuables?
Most items have a sentimental value but do they have a monetary value that makes it worth insuring?
- Jewelry and engagement rings
Jewelry is an obvious valuable, especially engagement/wedding rings or an heirloom from mother or grandmother. A standard insurance policy covers theft but only up to a limit. But what about damage or if the item is lost?
Silver or silver-plated flatware collections are usually valued at more than what insurance covers. Also check on dishes that are heirlooms
- Rugs, artwork, and antiques
First get an appraisal on heirlooms to determine the necessary additional insurance coverage. Then determine insurance needs to cover these items in case of theft, loss, or damage.
You may need an insurance rider that covers a collection for its full value. Standard policies have a small amount for Collectibles, so appraise their worth and then determine if there is additional insurance needed.
- Electronics, Musical Instruments, Cameras
Today, many of us own expensive gear and the standard insurance may barely cover what is needed to replace these items. If you are an avid photographer who has invested thousands of dollars into this hobby or profession make sure you are covered, not only at home but on the road. Families spend a small fortune in electronic gadgets for everyone in the household and it could be costly to replace if not adequately insured.
How Do You Insure Valuable Items?
Our friends at Travelers provide these important tips to make sure your valuables have the right insurance protection.
Make sure to discuss with your Insurance Agent what protection you need. Provide them with a list, the value, and appraisals (if required.)