Do you own expensive, rare items like gold pennies, fine artwork, or sports equipment? If you do, you certainly wish to hold on to your collection for the longest time possible. Since such items may be impossible or too costly to replace if lost or damaged, consider protecting them with strong measures, including valuable personal articles insurance.
Here are five crucial things to keep in mind as you insure your high-value possessions.
1. Your Home Insurance Coverage Has Limits
Your homeowners policy does protect your dwelling’s structure and many of your personal belongings. Furniture, clothing, appliances, and the main dwelling are covered against loss or damage. However, standard homeowners insurance policies do not usually include high-value property coverage by default. If you have any expensive, rare items or collectibles, you should take some additional steps to have them included in your home insurance protection.
2. Obtain a Personal Articles Endorsement
It probably took you years of hard work and savings to build your entire inventory of expensive or rare items. When these possessions are not covered for their full value under your homeowners insurance, you stand to lose them permanently if a hazard like fire, theft, or a natural disaster occurs.
You can help prevent such a loss by taking out a personal property endorsement. This additional protection complements the coverage you have under your homeowners or renters policy. Expensive items like diamond rings, watches, fine art, or sports equipment are examples of items you may wish to cover with an endorsement.
Other high-value items covered under personal articles endorsements are:
- Collectibles like stamps, coins, pewterware
- Silver or gold-plated items
- Fur garments
Your trusted advisor at Tompkins Insurance can help you learn more about the personal property endorsement potentially necessary to maximize your overall home insurance protection.
3. Create a Home Inventory
To provide you with accurate personal articles insurance, it is important to compile important details about the additional possessions you need to be covered, and provide this documentation. Each item can be appraised by a professional or you can provide an original receipt to prove its value.
For example, things like jewelry should be specified in terms of carat weight, identification, cut, color, and clarity. An inventory of all the items covered, including their description, valuations, invoices, and other specifics can help should you need to file a claim for the loss of your covered high-value items.
4. Review Your Coverage Needs At Least Once a Year
Remember to have an annual personal property insurance review to help ensure you are fully protected. Changes impacting your lifestyle, such as marriage, divorce, new births, or buying a new home, can affect your coverage needs. Adding expensive items to your inventory could also require a review of your valuable personal articles coverage.
With these key issues in mind, you can act swiftly to insure your high-value, rare possessions. Contact the experts at Tompkins Insurance Agencies today for assistance in assessing your valuable personal property coverage needs. We can help you get customized insurance coverage for your treasured belongings.