Insuring Your Expensive Items

Previous ArticleNext Article

Insuring Your Expensive Items

You’ve acquired or were gifted some very highly valued items recently. You now have jewelry or an expensive item that holds a pretty significant amount and it is not something you would be okay with simply losing or having stolen. So what do you need to do in terms of getting insurance on that new item?

Adding Expensive Belongings to Insurance Coverage

If you have an item that would be difficult to replace due to its value or rarity, an adjustment in your insurance is going to be the most important thing you can do.

A standard home insurance policy includes coverage for jewelry and other precious items such as watches and furs, but they typically are only covered under the perils of events such as fire, windstorm, theft, and vandalism, and generally only cover up to $1,500, because things like jewelry, can easily be stolen.

So, if you own valuable jewelry, collectibles, or other items that would be difficult to replace and are at a higher value than a standard $1,500 replacement amount, there are two options for ways to increase coverage to protect those items:

  • Raise the limit of the liability. This would be your less expensive option, but the limits would still be slightly higher than the typical $1,500 amount. For example, you could raise the limit on a specific item to $2,000 with an overall limit of $5,000. If the item is more than those amounts, then:
  • Consider purchasing a floater policy and schedule the valuables individually. This is a more costly option, but it offers the broadest protection. Floaters cover loss of any type, and include items your homeowners policy falls short. The floater would include accidents for example, such as your ring falling down the kitchen sink drain or accidentally losing it while on vacation. You must appraise the valuable item by a professional in order to get it included, so be certain to speak with your insurance advisor about the high-value item you need to cover and what steps to take to get it included in your coverage.

Ready to Get Those Items Covered?

Own some expensive items now? Speak to a trained and license Covered Advisor and get dedicated coverage counseling or help with getting those items protected by calling 833-487-2683 or contact us! We’re always here for you, making sure you’re Covered!