So you have homeowners insurance, that is great. But what about the valuables inside your home? Did you know that most policies only $1,500 in the event of a loss of your valuables? This is not enough to cover such items as jewelry, furs, art, stamp collections, baseball cards or your grandmother’s pearl necklace in the event of a loss.
So how do you make sure that you are covered for your important collections and high value possessions?
- Take Note: Make an inventory of your possessions. Consider making a video of these items rather than trying to catalog every single item. Either make sure this list is up to date for such events as valuable Christmas gifts and items you add to your collection over time.
- Appraise: You may want to have a professional appraisal periodically to find the value of the items you have such as gold, silverware etc…this will not only help you decide how much coverage you need but also speed up the claims process in the event of a loss.
- Communicate: Let your agent know about important collectibles and other high value property items . When your agent know what you have they can discuss any coverage restrictions and the what you may need to make sure you have proper coverage.
- Get Coverage: Talk to agent about scheduling your higher values collectibles, collections, and personal property. This endorsement is attached to your homeowners policy and provides additional coverage to make sure you have adequate coverage on these items in the event of a loss. This will result in an additional charge but it provides broader coverage. In most cases you can get this without a deductible.