Protect Your Valuables

Posted in Personal Insurance

Family heirlooms, jewelry, artwork, and other valuable possessions that you have worked hard to acquire should be protected from loss.  In all likelihood, your homeowners policy provides limited coverage, if any, to replace your prized possessions in the event that they become damaged, broken, or stolen. Even if you have some coverage, you will often need to pay your deductible before receiving payment.  Luckily, you can broaden coverage on your homeowners policy to protect your valuables by specifically listing each of your big ticket items on a schedule.  Your deductible will not apply to these scheduled items.

Insuring your valuables with a schedule will give you the confidence to step into the world and pronounce to the proverbial bull, “Try and mess with my china!” To make life even easier, some insurance carriers offer blanket coverage, which broadens coverage for your valuables, but does not require an itemized list of your belongings. Blanket coverage includes a maximum dollar limit for any individual item (e.g. $10,000), so it may be used in conjunction with a schedule for items over the blanket’s limit of coverage. Whether you choose to insure your valuables with a schedule, blanket coverage, or both, it is always prudent to keep up-to-date appraisals, receipts, and photos, even if these documents are not required by your insurance provider. Documentation always simplifies the claims process!