Owning precious items like artwork, jewelry, or musical instruments comes with the responsibility of safeguarding them adequately. Your standard homeowner’s or renters’ insurance might fall short in providing comprehensive coverage for these valuables, leaving you exposed to potential losses. Don’t let a fire or theft diminish the worth of your cherished possessions.
The solution is a Valuable Items insurance policy, also known as a Personal Articles policy. This standalone coverage ensures your most valued assets are protected, whether you’re at home or on vacation. Unlike typical homeowner’s policies, it comes without a deductible and is based on an agreed value determined by appraisal or a bill of sale.
Why Choose Valuable Items Insurance?
Your homeowner’s or renters’ insurance policy may offer minimal coverage for your valuables, but it’s likely not sufficient. Take proactive steps to shield your assets by investing in separate coverage for these items. Some of the objects you might consider covering include jewelry, watches, antiques, fine art, silverware, crystal, china, collectibles, sports memorabilia, musical instruments, cameras, and furs.
Types of Valuable Items Insurance
There are two main types to consider:
- Blanket Coverage: Ideal if you prefer not to list each valuable item separately. It provides coverage up to a specified amount for any single item, simplifying the process for smaller, less expensive items.
- Scheduled Coverage: Tailored for specific high-value items and often requires an appraisal. These items are listed based on an agreed value, ensuring their full insured value in the event of a covered loss.
Understanding Covered Losses
Valuables are typically covered against specified risks like theft, fire, or vandalism. Scheduled coverage may even protect against accidental losses, such as dropping a valuable item down the drain. However, it’s crucial to check with your insurance carrier to determine what qualifies as a covered loss.
Preparing for Coverage
To secure coverage, you’ll likely need to provide proof of ownership, which includes maintaining a detailed inventory and retaining purchase receipts. If you’re insuring specific items, having appraisal documentation is essential. Regularly update your inventory and keep both paper and electronic records easily accessible for a seamless claims process.
A Conversation with Your Insurance Advisor
In safeguarding what matters most to you, a periodic review of your insurance coverage is essential. Don’t let the passage of time leave your valuables under-protected. Schedule a meeting with your insurance advisor to ensure that your prized possessions, be it jewelry, art, or antiques, are adequately shielded. Take proactive steps now to secure a future free from worries.