Were you the grateful recipient of a costly gift this year? If so, you may want to look into adding an endorsement to your homeowner’s insurance for valuable items to help replace it in case of theft or accident – here’s a great primer on the basics of this coverage.

The most valuable possession that you own is probably your home. It’s also one of the most vulnerable. Weather accidents, floods and property mishaps can easily damage it. But it’s not just the outside structure of your home that’s so valuable. Your contents and possessions inside it also require unique coverage.

Valuable Items Blanket Coverage protects your personal, valuable items by your basic homeowner’s policy. Valuable Items Blanket Coverage can add a layer of protection that can help protect items such as jewelry, electronics, dinnerware and more.

What is Insurance for your Valuables?

Most renters, condo, and homeowner insurance policies will cover personal property anywhere in the world. This can include items such as furniture, clothing, and appliances. But your basic policy may have some restrictions when it comes to valuable items that are stolen. Jewelry, furs, silverware, and firearms are covered for the named perils (such as fire, lightning, explosion, riot, vehicle or aircraft damage) in the policy up to the contents (Coverage C limit) except when it comes to theft.  The basic policy only provides up to $1,500 theft coverage for jewelry, watches or furs, $2,500 for theft of firearms, and $2,500 for theft of silverware. In order to have more theft coverage a different endorsement is needed.  When you buy this extra coverage, you not only get more theft coverage, but you also get coverage for more causes of loss such as breakage or lost (mysterious disappearance).

You can cover valuable items such as:

  • Cameras
  • China
  • Crystal
  • Computers
  • Fine arts
  • Firearms
  • Furs
  • Musical Instruments
  • Jewelry
  • Silverware

Valuable items coverage also covers your property in the event that it is stolen, lost or damaged. For example, you’re washing your hands in the kitchen sink and the diamond in your wedding ring falls out and goes down the drain. You call a plumber but you’re unable to recover it. Valuable Items insurance can help cover the cost to replace the diamond.

Or, perhaps you’re on a cruise and you’re taking photographs with your expensive digital camera. You accidentally drop the camera over the railing and it falls into the ocean; valuable items coverage can help cover the cost to replace the camera.

You also don’t need to specifically list items that are covered. You’ll only need to provide documentation of ownership to make a claim for the lost, stolen or damaged item.

Is Valuable Items Insurance Right for You?

Homeowner’s or renter’s insurance can cover a significant amount of personal property. If you own items that are worth more than the limits of your special items (jewelry, furs, silverware, firearms) and you want to be covered for more than just the basic types of loss, then you should consider buying valuable items insurance

In some cases, you might have a piece of jewelry worth almost $10,000. If this is stolen, your personal property insurance may only cover fifteen hundred dollars to replace that item. You could be left with a personal loss of $8500. Even if you have several lesser value items, such as some gold necklaces or bracelets, then consider buying  Valuable Items Blanket coverage.

Peace of Mind Is a Gift

It may seem like you have plenty of coverage for your personal items. But for those special, and particularly valuable items, you may need an extra level of protection. Whether it’s valuable jewelry or your family silverware set, you want to make sure you have the coverage you need to help replace those items if something happens to them. Valuable Items coverage can do just that—and provide peace of mind.

Source: The Hartford

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