Whether a collection of miniature pods or necklace from your grandmother's pearls, your valuables collection or valuable objects are invaluable for you. Because they are so important, you can assume that your homeowners policy will adequately cover your valuables for the loss, but it is important to realize that there may be a limitation on how much coverage you have for these "priceless" items.
Jewellery, silverware, fine arts, furs, coins, stamp collections, firearms and musical instruments name a few, can have limited coverage, if any, under your homeowners policy. It is also possible to have coverage on items such as those listed above, but have restrictions on how much would be paid according to what type of loss you have incurred, particularly regarding the theft losses. The loss of one of these elements may also be subject to your home insurance deductible.
For example, a policy of non-endorsed standards owners can limit the maximum amount you will receive for a loss of your flying jewels. You may think that you have coverage, but you might actually lose thousands of dollars because you are significantly underinsured and franchise has been applied to the loss.
So how do you ensure that you are adequately covered for your collection or important valuables?
- Take an inventory of your property. See our previous blog posts for more information on how to complete a household inventory.
- You may need to obtain an evaluation from a qualified professional. Ask your updates assessments on a periodic basis that the value of elements such as gold, silver, etc., can vary considerably over time. Requirements for assessments usually vary by the company based on the value and type of item being insured. An important reason for the ratings is that it can speed up the claims process as a file manager will be more effective able to determine the value of your items.
- When working with your independent insurance agent to insure your home, be sure to review your important collection, jewelry, etc. your agent. When the agent is informed, he or she can discuss issues with you that may have coverage restrictions.
- Your agent may suggest you "schedule" your articles on a marine float inland to an additional premium charge. One of the advantages of planning your articles is that you can eliminate or reduce the deductible.
While many of your personal property or collection of value are irreplaceable for you, do not you think without coverage should they be stolen, lost or damaged. Ask questions, take notes, and talk to your independent agent to ensure your coverage is sufficient value for your valuables.
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