How Valuable Articles Insurance Protects Your Valued Possessions
Most people inherently understand the necessary insurance policies they should have, like homeowner’s insurance and auto insurance. Commonly, people don’t think twice about signing up for these policies because of how valuable their home and car are to them.
However, you should be aware that other big-ticket items in your possession may be as essential to insure. Specifically, you might want to consider investing in valuable articles insurance to provide peace of mind and protection should anything happen to your high valued items and those of immense personal value.
How Does It Work?
A valuable articles insurance policy protects and provides you with financial means of recovery if a valuable property piece is damaged, lost, or stolen. The amount your policy will cost depends on the item’s appraised value, the amount of deductible you agree to pay (many policies come with no deductible), and other common insurance policy terms.
If you have a valuable or even sentimental item in your possession, a valuable articles insurance policy will provide you with the protection you need. While you may have a homeowner’s insurance policy that does cover the possessions within your home, the chances are that policy may be insufficient to cover your valuables. Most homeowner’s insurance policies have a limit on the amount of leverage for jewelry, artwork, and other high value items. Valuable articles coverage also includes coverage for losses usually not covered by a homeowner’s policy, such as loss or disappearance.
In many instances, you will have the choice to add valuable articles insurance as a provision of your homeowner’s insurance, so everything is covered in one place. However, you may have the option to separate the two policies and choose a different provider for your valuable articles.
What Can Be Covered?
The most important items to consider for valuable articles insurance are those with the highest value, the hardest to replace, and those with sentimental value. Common types of property protected by valuable articles insurance include:
- Art pieces
- Jewelry and gemstones
- High-value electronics such as a home entertainment center
- Valuable musical instruments
- One-of-a-kind memorabilia and collectibles
- Expensive fashion items such as designer handbags, fur clothing, and more
Is It Right for Me?
Not everyone will require valuable articles insurance. However, it’s still essential to contact your agent to understand what is and isn’t covered under your current homeowner’s insurance policy. If you have any valuable items that you believe are not covered under your current homeowner’s insurance policy, you should look into valuable articles insurance to protect your precious assets.
What’s Next?
Everyone’s situation is different. Only you know which articles in your possession deserve consideration for valuable items insurance and what level of protection is right for you.
If you have any questions about protecting your valuable assets, we encourage you to contact us at Schechner Lifson. As a top full-service insurance provider, our trusted insurance experts can guide you through comprehensive insurance plans to determine which plan is right for you. Call today at 908-598-7800.