Your grandmother decided to pass on her birthstone ring to you on you 16th birthday, many years ago. Of all your valuables, it is the most important to you. You always took extra precautions when wearing it and storing it. But, even when it’s locked up safely at home, is it truly safe? If it was ever stolen or lost, that’s what your homeowners insurance is for, right? Wrong.
Standard homeowners, condominium or renters insurance policies include a limit on coverage for jewelry and other valuables. Most policies have stringent limits on coverage of valuables.
- Jewelry – as little as $1,000
- Firearms – up to $2,000
- Silverware – up to $2,500
Also, many policies may not cover losses due to theft, accident or loss.
Common items that require additional coverage
- Heirlooms (furniture, paintings, etc)
- Musical instruments
- Fine Art
- Antique china, crystal, decorative items
- Designer appliances
- Vintage wine
- Collectibles (stamps, coins, glassware, etc.)
Additional coverage options
Endorsements – Endorsements are additions to your homeowners, condominiums or renters insurance policies. This will change or add to the policy’s provisions. Your valuables are “scheduled” on a list that includes a brief description and the item’s dollar value. For all items, an appraisal or sales receipt is typically required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item. The endorsement can cover property otherwise excluded from a basic homeowners insurance policy, extends the number of perils insured against or increase the amount paid for a covered loss. Items scheduled are typically not subject to the policy deductible.
Floaters – A Separate personal articles floater may be used to schedule your valuables that are subject to special limits under basic homeowners insurance coverage.
If you have an existing endorsement or floater, it is important to periodically review our policy’s coverage limits to minimize the likelihood of underinsurance arising out of outdated appraisals and inadequate limits of insurance.
Doing a home inventory can help protect valuables
A home inventory can be a great tool when it comes to protecting your home and valuables. A home inventory will allow you to go room to room and take pictures and details for your items. Some insurance carrier’s even provide a mobile application and you can save the inventory information within the app.
As always, your agent is there to help you determine the best coverage for your needs. Doing a home inventory and sharing it with them is a great way to help make sure no valuables are missed.