Do I Need Additional Valuables Coverage on Top of My Home Insurance?
February, 18 2022
Many of us cannot bear the thought of losing particular objects we treasure, or know how challenging it would be to replace them if anything happened. If you have not reviewed your Homeowner’s Insurance coverage in a while, you may want to check to ensure your possessions are safeguarded.
Although Home Insurance covers personal property loss, you may need additional protection if you have valuables like jewelry, artwork, musical instruments, electronics, or silverware. If you have one or more expensive items, your insurance agent can help you adjust your policy to cover these investments.
Personal Property Protection Under Your Home Insurance
Content Insurance, often known as Personal Property coverage, protects the contents inside your home from specified losses. Conventional Homeowners, Condo, and Renters Insurance all include Content Coverage.
If your personal items are destroyed by a covered risk, such as a fire or theft, Contents Insurance will assist in paying for repairs or replacements. For example, if a homeowner’s furniture and clothing are destroyed in a fire, or if the house is robbed and a computer is taken, contents insurance may assist in paying the loss.
Under the Contents Coverage section of your Home Insurance policy, personal possessions are insured up to a specified limit. Some policies cover the replacement cost value, or the cost of purchasing a new item. But if your policy only covers the actual cash value, you will receive the depreciated value of the item.
Contents Coverage protects your belongings against theft, damages, and vandalism. Commonly covered items include furniture, clothing, electronics, furnishings, sports equipment, bicycles, boats, and toys. Each insurance provider has its limitations for individual belongings and overall total losses.
What Is Not Covered Under Personal Property
When covered perils destroy personal possessions, Personal Property coverage helps pay for replacements. But it is crucial to understand that conventional Home Insurance policies do not cover all dangers.
For example, if your belongings are destroyed in a flood, the Personal Property coverage in a Home, Condo, or Renters Insurance policy is unlikely to compensate you. You can find out which circumstances are covered in your insurance policy by asking your agent for clarification.
One way to increase coverage limits is to list valuable belongings as Scheduled Personal Property. This type of protection can cover a broader range of risks, and you can add it to your Home Insurance policy.
When To Get Additional Valuables Coverage
You may want to speak with your insurance agent about extra coverage for valuables over the specified limits in your Home Insurance policy. Most Homeowner policies limit reimbursement for individual items, usually between $1,000 and $3,000. Some valuable belongings that require additional optional coverage include:
- Antique rugs
- Cameras and accessories
- Coin collections
- Fine art
- Firearms
- Furs
- Luxury garments
- Medical devices
- Musical instruments
- Precious metals
- Silverware
- Stamp collections
- Vintage comic books
- Watches
A valuable object can take weeks, months, or years of earnings to buy, yet can be lost in a matter of seconds following a theft, natural catastrophe, or another unanticipated event. Even if your Homeowners Insurance does not cover your valuables, you can still insure them.
How Much Valuable Belongings Coverage Do You Need?
An ideal limit for Contents Coverage in a Home, Condo, or Renters Insurance policy should match the cost of new replacements. Perhaps the most straightforward approach to determine the amount of insurance coverage required is for the insured to go through the home, one room at a time, and assess the entire worth of the contents.
For high-value items, you can purchase additional Jewelry Insurance or Valuables Insurance. If your home is worth over $750,000, High-Value Home Insurance may be a suitable option. Alternatively, you can increase your Home Insurance Personal Property limits.
Depending on the total value of your belongings and the value of individual items, your insurance agent may recommend one option over the other. If an item is worth over $10,000, for instance, your insurer will likely require an appraisal.
Taking Inventory of Valuable Items
Taking inventory of your valuables and recording their condition is essential in the coverage process. Following the steps below will ensure your belongings are protected for their total value:
- Keep all receipts
- Write down serial or model numbers
- Take photos and videos of belongings
- Keep a copy of the appraisal certificate
If you need to file a claim in the future, having these details will expedite the process. Additionally, you ensure you have enough evidence to receive sufficient compensation for lost or damaged possessions.
Tips for Protecting Your Valuables
In addition to securing enough insurance to cover your valuables and keeping a household inventory, you can take preventative measures to minimize your risks of losing items by doing the following:
- Keep digital copies of important documents
- Store valuables in false-bottom drawers
- Consider waterproof containers for some items
- Install a home security system
Regrettably, many household safes are not as impenetrable as they claim to be. Hundreds of videos demonstrate how simple it is to break into a conventional safe. That is why it is essential to keep your money and valuable belongings safe by taking additional precautions.
Contact Your Duliban Insurance Agent
We suggest reviewing your personal insurance needs yearly to ensure that your coverage is still sufficient enough for your current lifestyle.
After you have taken inventory of your belongings, it is time to act.
Please contact your broker if you:
- Own objects with a monetary worth that surpasses the limitations of your Personal Property coverage
- Possess items worth more than the Special Limits on your insurance
- Recently bought an expensive item, received a substantial gift, or inheritance
If you have any queries concerning your coverage, you should contact your agent or broker. Duliban Insurance Brokers take pride in protecting your cherished belongings and future investments.
Final Thoughts
Protecting your family heirlooms and valuable possessions requires attentive and personalized care. Our brokers at Duliban Insurance are dedicated to finding the most comprehensive coverage to insure your valuables. By partnering with multiple insurance carriers, we can match you with a policy that is tailored to meet your needs.
