Insuring High-Value Possessions
Valuable objects, such as jewelry, antiques or other prized items, can sometimes exceed the limits of homeowners or renters’ policies. Policy limits can sometimes put owners in a vulnerable position if something happens to their possessions and they don’t have adequate insurance. Fortunately, valuables can be insured with additional coverage, giving owners peace of mind that their belongings are sufficiently protected.
 
What High-value Items Can Be Insured?
A variety of personal belongings may be considered collectible, expensive or rare. Some items that may warrant extra coverage include:
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Furs
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Medical devices
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Musical instruments
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Sporting equipment
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Stamp collections
What Are My Coverage Options for Insuring Valuables?
You have several choices for adequately insuring your valuables. The decision is ultimately yours, but our team can offer valuable insight into these options and what may be best for your unique situation.
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Purchase buyer’s protection. This adds coverage on top of what your homeowners insurance and any policy endorsements may include for new purchases. Sometimes, buyer’s protection may have a monthly or annual fee, but it is probably less than buying an add-on policy.
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Buy an endorsement. An endorsement, or add-on, can increase the property coverage limits for particular items. An endorsement may increase your premium, but the payout can be higher after a covered loss.
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Increase your current limits. You may be able to raise your belongings limit to cover your valuables, depending on their value. Some policies may exclude coverage for certain high-value items or may not allow high enough limits to protect your items fully. We can help you decide if this is the choice you would like to make.
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Upgrade to replacement cost coverage. 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.
Additional Ways To Protect Your Valuables
These tips can ensure you have the appropriate insurance for your valuables.
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Make a home inventory. An inventory of your personal belongings is essential in cataloging everything of value in your home and can come in handy if you need to file a claim. Be sure to include an image and description of each item, its original value, date and place of purchase, and the receipt, if possible.
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Secure your home. A home security system can help protect your home and belongings. It would also help if you keep the exterior of your home well-lit and maintained to discourage a potential break-in.
How We Can Help
Additional insurance coverage sometimes may seem unnecessary, but your valuables are invaluable. Ifft & Palmer Associates, LLC can help you determine if more insurance is needed to protect your belongings. Call us today to discuss your coverage needs at 412-471-0500.
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