Artwork, sculptures, furs, and jewelry – have you got coverage for valuable items?
It’s hard to imagine that your treasured belongings could be damaged or taken from you in any way. Whether your artwork is First Edition, your sculptures are world-renowned, or your jewelry has been passed on for generations, sentimental pieces are often more valuable. When it comes to high-cost belongings, insurance is safety.
Homeowners, we know what you’re thinking: you already have home insurance which covers personal belongings. Not so fast. Valuable items, like your artwork and furs, may not be covered under your standard home policy. Typically, this means that your prized possessions will be vulnerable to theft and damage. After all, every policy as its limits. If your valuables cost more than what your home policy covers, you will have to purchase additional personal property coverage.
In this case, there are typically two options:
- Work with your agent to add an endorsement (also called a rider) to your existing home insurance policy for any items of value that otherwise wouldn’t be covered for their full value. For example, if your artwork is worth $8,000, and your home policy only provides $5,000 worth of personal property damages, your rider can extend to $8,000. With this, your prized pieces will be protected from perils, such as fire, windstorm, theft, and vandalism.
- Buy a separate insurance floater for each of your most treasured items or collections. Through a floater, you can schedule your individual pieces so that they are protected for an array of circumstances – such as dropping your ring down a drain or leaving your fur coat in a hotel room.
For the right level of protection, you’ll need to obtain a current appraisal of each item. The cost of this professional service will vary depending on your location. Once this is completed, call your local agent to obtain the right level of coverage. Not only do you get to focus on building your collection, but you get peace of mind that it’s protected!