Do you own a dazzling diamond ring heirloom passed down through generations? A priceless antique painting that adds a touch of old-world charm to your great room? Or perhaps a rare first-edition comic book or prized baseball card that fuels your inner child?
If you possess items of significant value, then valuable articles insurance might be the missing piece in your security puzzle. Especially since many people may be shocked to learn that their standard homeowner’s or renter’s insurance only covers a portion of the cost to replace stolen, lost, or damaged valuables.
“While typical homeowner’s policies are designed to protect your home and what’s inside, there is usually limited coverage for valuable possessions — such as jewelry, fine art, wine and spirits, antiques, and collectibles — that may get lost, stolen, or damaged,” explains Chubb which says that a valuable articles policy, “provides insurance for your collections, so you can feel confident that your special possessions are protected.”
Valuable Articles Insurance, sometimes referred to as valuable items insurance or scheduled personal property coverage, is a tailored form of insurance designed to protect items of significant value that may surpass the limits of a standard homeowners or renters policy.
Reasons you might need this specialized insurance include:
Put another way, Chubb says you can protect your valuables so that they will “last a lifetime and beyond” so that “their stories continue for generations to come.”
Valuable articles insurance policies – which differ by each insurance provider so work with your insurance agent for coverage that fits your individual needs -- may cover expensive or personal belongings like:
For those undecided if valuable articles coverage is right for their situation, the folks at Travelers offer the following five tips:
There are several options for valuable articles insurance including:
“Some homeowners insurance companies offer a package with increased blanket coverage that does not require an appraisal. If the basic policy includes coverage up to $1,000 for jewelry, for example, you may have the option to increase the coverage to $5,000 or more to cover all jewelry items,” explains Bankrate. “In contrast, a scheduled personal property endorsement allows you to list your specific high-value property with a specific cost associated with each piece.”
Bankrate says you can expect a typically scheduled personal property policy to include:
Bankrate says: “Had you just lost or misplaced your engagement ring, you would not have had coverage under a homeowners policy. But if it was scheduled, you may be able to recoup the cost without paying a deductible. Scheduled personal property is also generally covered under an open perils basis, which means all loss types are covered unless they are specifically excluded in the policy documents.”
Contact Dean & Draper today to make sure that your insurance coverage protects all your valuables.
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