FRIDAY, FEBRUARY 26, 2021
Insuring Valuables
Your valuables are important to you—and insuring them is equally important to prevent serious loss in the event of damage or theft. Learn more about how you can protect the finer things in life with additional coverage.
Standard homeowners, condominium or renters insurance policies include a limited amount of coverage for jewelry and other valuable items. However, many policies limit the dollar amount of coverage for the theft or loss due to a covered peril of such items. To properly protect certain types of valuables, additional coverage is available through a policy endorsement or floater.
Endorsements are additions to your homeowners, condominium or renters insurance policy, which change or add to the policy’s provisions. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value.
For all items, an appraisal or sales receipt is typically required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item.
The endorsement can cover property otherwise excluded from a basic homeowners insurance policy, extend the number of perils insured against, or increase the amount paid for a covered loss. Items scheduled are typically not subject to the policy deductible.
A separate personal articles floater may be used to schedule your valuable property that’s subject to special limits under basic homeowners coverage.
If you have an existing endorsement or floater, it’s important to periodically review your policy’s coverage limits to minimize the likelihood of underinsurance arising from outdated appraisals and inadequate limits of insurance.
To determine each item’s value, an appraisal or sales receipt is typically required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item. Items scheduled are typically not subject to the policy deductible.
Before a thief steals your antique coin collection or your diamond ring accidentally gets washed down the drain, learn more about the affordable ways you can protect the things you value most.
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