It’s no contest that your home is considered your most valuable possession. This is also one of the most vulnerable items in your possession. From weather accidents to flooding to property mishaps, damage can be easily done. It’s not just the outside of your home that will sustain the damage; your possessions inside will also require unique coverage. Valuable items insurance was created to help protect your possessions inside your home when problems arise.
When it comes to insurance most home, condo, and renters’ policies automatically cover most of your personal property anywhere in the world. This coverage typically includes items like furniture, clothing, and appliances. When it comes to items that are considered high value, there are some restrictions if the items have come into unfortunate circumstances (such as theft or item loss). Valuable items are considered to be items like jewelry, furs, silverware, or firearms. The basic policy will usually only cover upwards to $1,500 theft coverage for jewelry, watches or furs, $2,500 for theft of firearms, and $2,500 for theft of silverware. As a tip: there is no need to specifically list items that are covered. As the owner, you will only need to provide documentation of ownership to make a claim for the lost, stolen, or damaged item.
Do you think that the items in your possession are worth more than the limits of your homeowner’s insurance policies? If so, it may be a good time to invest in valuable items insurance. When the damage has already been done, it’s too late to purchase coverage.
What if you own a piece of jewelry that may be worth almost $10,000? If this piece is stolen, your personal property insurance may only cover fifteen hundred dollars to replace the stolen piece. If this is the case, you would be at a personal loss of $8,500! Let’s say that you have several items that are of lesser value (gold necklaces or bracelets). This insurance policy would be worth investing in. It may appear as though you have plenty of coverage, but for valuable items, you need an extra layer of protection. No matter if the valuable items are jewelry or a nice set of silverware, you’ll want to take extra precaution to ensure that you have coverage for these items if something were to happen in the future. Valuable items insurance can provide you that protection – and some valuable peace of mind, too.