Most of us have some items that we consider valuable, either sentimentally or financially. If you’re like the rest of us, you have probably taken the necessary steps to conceal your valuable jewelry in a secure box, away from prying eyes. Likewise, you’ve hidden, concealed, or otherwise protected your most valuable possessions. You may even have a home security system with cameras recording every movement inside and outside of your home!
While these are certainly the right things to do and they will minimize the risk of loss, there’s something you may be missing: proper insurance coverage. If your most prized possessions aren’t properly insured, you’re effectively leaving yourself vulnerable to loss. Homeowner’s insurance will often cover some of your possessions, but even that may not be enough and additional coverage may be necessary. Here are some insurance tips for the protection of jewelry and other high-value items in your home!
1) Know the Ins and Outs of Homeowner’s Insurance
Insurance coverage for your home covers you in case of a fire or any other catastrophic event. Most homeowner’s insurance policies also offer some protection against loss, theft, and damage to valuables. However, there may be value limits placed on certain categories of items, such as expensive jewelry. If you incur a loss, you may not be able to recoup the full value of the item.
For instance, your policy may only cover jewelry up to $1,500. If a piece worth $4,000 is stolen, you lose the jewelry and $2,500! In some instances, the coverage limit is a per incident limit, while other times (as is usally the case with jewelry) it’s a per item limit. Read your policy thoroughly and pay close attention to the coverage amounts and limits. Contact your agent if you have specific questions about your policy, as they will help you understand your coverage limits and help you decide whether you need more insurance from your Houston insurance company.
2) Add Scheduled Personal Property Coverage
The truth is, most of us don’t really know the value of our possessions, we just know that losing it would be devastating. While being sentimental is great, it makes it difficult to determine whether additional insurance is necessary. The first step is to take an inventory of everything you own that carries any value, then add scheduled personal property coverage to your policy. Most Houston insurance companies require an appraisal to ascertain the value of any item or a recent receipt for its purchase. You should take an annual accounting of all your valuables and their current values for your personal records and update your policy coverage accordingly.
Items typically included in scheduled personal property coverage are:
- Furs
- Jewelry
- Stamp and Coin Collections
- Firearms
- Art
- Musical instruments
- Antiques and other collectibles
- Other high-end valuables
3) Know the Benefits of Additional Insurance
Most of us are on a budget, and additional bills aren’t something we welcome in our lives. While it is true that your homeowner’s insurance premiums will go up if you add a scheduled personal property rider to your insurance policy, that’s not necessarily all bad. In fact, those additional premiums provide some unexpected benefits that make them worth the extra money.
First of all, you’ll likely avoid paying any deductible if you make a claim on one of the items listed on the rider. This may not be the case for items that are strictly covered by your policy that are not listed. Secondly, scheduled property coverage may also be covered for additional risks, such as accidental loss. That means if you lose your diamond engagement ring down the sink, or forget your expensive Rolex watch in a hotel room, you’ll be covered!
Protect Your Valuables With Texan Insurance
Protecting your valuables from theft, loss, and damage is a matter of common sense by way of keeping them in a secure location. Sometimes, however, that’s not enough! By putting the proper insurance coverage in place, you’ll ensure that your valuables are truly protected. Discuss these additional benefits with your agent before you make a decision.
If you’re not sure what type of homeowner’s insurance coverage you need, or if you want to learn more about the benefits of adding scheduled personal property, please contact us. We are the best Houston insurance company around, and we understand that your home and possessions are valuable to you on many levels and we want to help you protect what is yours. We’ll gladly go over your current policy and help you decide the best coverage for your current situation!
