WEDNESDAY, FEBRUARY 16, 2022
Typically, homeowners and high-value homeowners insurance policies provide coverage for lost or stolen items up to the policy limits. However, valuable items, such as antiques, jewelry or other treasured possessions, may exceed the limits of these policies and require additional coverage for you to have sufficient protection.
As such, it’s essential to review what coverage your insurance provides and the limits for valuables. Many insurance policies have different coverage limits. Ifft & Palmer Associates, LLC can help you determine if your policy includes the coverage and amount you need to or if you should consider purchasing additional insurance.
What Are My Coverage Options for Insuring Valuables?
There are a few different ways that you can properly insure your valuables. Review the following suggestions and talk to your Ifft & Palmer Associates, LLC to discuss the best option for your situation. 
Upgrade to replacement cost coverage—Review whether your current policy pays out at actual cash value or replacement cost. Upgrading to a replacement cost value (RCV) policy can help ensure a payout for your items at their original cost without depreciation. These policies can be more expensive, but your claim payout is generally higher. Even if you switch to replacement cost coverage, you may need to consider raising your policy limits or purchasing a policy endorsement to ensure adequate coverage, depending on the value of your items.
Raise your current limits—Depending on the value of the items you’re insuring and your policy details, you may be able to raise your overall belongings limit and/or single article limits to cover your valuables. However, it’s important to note that some policies may exclude coverage for certain high-value items or may not allow high enough limits to cover your items fully. Plus, raising limits will cause your premiums to rise.
Purchase an endorsement—Many homeowners end up purchasing a policy endorsement, which may be called a scheduled personal property rider or insurance or valuables coverage. An add-on policy can increase specific items’ property coverage limit. The endorsement may raise your premium, but your payout may be higher after a covered loss. Check with your agent to see what types of policy endorsements may be available to you.
Buy a buyer’s protection plan—If you purchase new valuable items, you may want to buy a buyer’s protection plan from the merchant, which adds coverage on top of what your homeowners insurance and any policy endorsements may include. Often there is a monthly or annual fee, but it may cost less than purchasing an add-on policy.
If you think any of these options may be right for you, give the team at Ifft & Palmer Associates a call today. We’ll help you find out what the best way to insure your valuables may be.
How Else Can I Protect My Valuables?
In addition to purchasing the appropriate coverage, There are several steps you can take to insure your valuables. These measures can help ensure you have the proper coverage.
Get your valuables appraised—If you’re unsure how much valuable items are worth, get a professional appraisal. An appraisal can help determine if your current insurance policy’s coverage limits provide enough protection or if additional coverage is needed.
Make a home inventory—An inventory of your personal belongings is essential in cataloging everything of value in your home. This list will come in handy if you need to file a claim. This inventory should include an image and description of each item and the original value, date of purchase, place of purchase and the receipt if possible.
Secure your home—Consider purchasing a home security system to help protect your home, and the high-value items you may have inside your home, from theft. Additionally, keeping the exterior of your home well-lit and maintained may help deter potential thieves.
Don’t Chance Your Coverage
Sometimes, having additional coverage may seem unnecessary, but your valuables are invaluable. It takes just one covered event to appreciate having the extra insurance to protect your belongings. Call us to add the protection you need for peace of mind.
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