What You Need To Know About Valuable Articles Insurance
While the majority of homeowners have appropriate insurance coverage, when it comes to protecting both their home and the possessions inside, all policies have a limit on how much property is actually covered. If you have valuable items inside your home and you’re aware the value to replace them might exceed what your typical homeowners insurance policy covers – valuable articles insurance may be for you.
Whether it be art, jewelry, expensive medical equipment, antiques, collectibles, or something else – you can add valuable articles insurance. This coverage ensures that you can replace and pay for these particular high-ticket items should the unexpected happen.
How valuable articles insurance works
Valuable articles insurance is not a standalone insurance policy, but rather a type of coverage that is added on to a new or existing homeowners insurance policy. So, the first step in exploring whether valuable articles insurance will make sense for you is by getting in touch with your homeowners insurance provider.
There are two different types of valuable articles insurance coverage available:
Grouped Coverage
This is the valuable articles insurance policy that will provide you with broad protection for all of your valuable items as a whole. You may add this feature on to your existing homeowners insurance policy. You may receive upwards of $5,000, with a deductible of $500 or less. Articles do not need to be itemized, nor do you need to provide proof of ownership before getting the coverage.
Itemized Coverage
On the other hand, a valuable articles insurance policy that includes itemized coverage gives even greater protection, as you specify the items for which you want coverage. If any articles need replacing, you’re not required to pay a deductible and will receive a previously agreed-upon payout from your insurance provider. However, articles will have to be listed in advance with proof of ownership.
Which items qualify for valuable articles insurance?
Providers of valuable articles insurance will be able to provide coverage on most property or equipment you deem worthy of this extra protection, so you should speak to an agent to find out more about your specific needs. Generally speaking, items that are most often covered by valuable articles insurance includes the following:
- Fine art
- Sports memorabilia
- Expensive electronics
- Musical instruments
- Collections of fine wine
- Medical devices like prosthetics or scooters
- High-end fashion items like handbags or shoes
- Jewelry and loose precious gems
- Professional sports equipment like bicycles or golf clubs
- Pedigreed dogs
- Stamp and coin collections
Whether items of yours are valuable enough to warrant valuable articles insurance is a personal decision. To learn more and consult with an expert – reach out to Schechner Lifson Corporation. Schechner Lifson is an independent insurance agency with experienced and caring agents who can make sure you get the right coverage.