Don’t Forget to Insure the Valuables!
By Kristi Vaughan
Think your homeowners or renter’s insurance covers the cost of replacing your diamond engagement ring? Probably not, unless you purchased additional coverage. The same goes for stamp collections, expensive silverware, cameras and any other items whose value exceeds that of a basic policy.
Limits of basic insurance
Basic homeowners and renter’s insurance policies have limits on the amount of coverage they provide for items considered valuable. The amounts vary somewhat by state but usually will not be sufficient to replace a significant collection or sizeable piece of jewelry.
The same insurance company that provides your basic homeowners insurance can also provide additional coverage for valuable items. Talk with your agent to find out what limits exist on your current policy and what kind of additional policies can be purchased.
What gets covered
Most typically the type of items covered under a supplemental policy for valuable items include:
- Jewelry
- Furs
- Cameras
- Musical instruments
- Silverware
- Fine art
- Manuscripts and books
- Golfers equipment
- Sports equipment
- Stamp or coin collections
- High-value computers and electronics
- Antique furniture
- Oriental rugs
Getting coverage
One of the first steps to obtaining coverage is determining the value of the items being insured. To do this you most likely will need a professional appraisal. Ask your insurance company how often appraisals should be done. You may also want to document ownership and give an indication of the item’s value by taking a photograph. Such records should be included in your household inventory as well.
