If your jewelry, artwork, furs or other valuable possessions get damaged by a covered peril, such as a storm or fire, or if they get stolen, a standard homeowners insurance policy will provide coverage. However, a standard policy will generally limit coverage for valuable items that can be easily lost or stolen, such as jewelry.
If you have one or more pieces of expensive jewelry or other valuables, or if the total value of your valuables exceeds your current coverage limit, raise the issue with your insurance company or agent. You may need additional coverage to be adequately protected in the event of a loss.
Ways to Insure Valuables
One option is to pay higher premiums to raise your liability limit. If you do that, the amount of compensation you will be entitled to will be higher than under a standard homeowners insurance policy, but it will still be limited. Depending on the amount your valuables are worth, raising your liability limit may or may not provide you with the level of coverage you need.
If raising your liability limit wouldn’t adequately cover all your belongings, you can purchase a floater policy, which is also known as an endorsement or scheduled personal property coverage. This additional coverage for valuables can be added to an existing homeowners insurance policy. Depending on your insurance company, a floater may cover you in the event of any type of loss, even one that your standard homeowners insurance policy would exclude.
If you decide to buy a floater policy, you will have to create a schedule listing the specific items you want it to cover. You will also have to get those valuables professionally appraised or provide receipts from the time of purchase, if you still have them. Your agent may request additional information about specific items. Premiums for a floater will depend on the types of belongings that are covered and their value.
Discuss Coverage for Valuables With Your Insurance Company or Agent
While homeowners insurance policies are similar in many respects, they may differ from company to company in some key aspects, such as coverage for valuables. If you aren’t sure if you have enough coverage, contact your insurer or speak with your agent about your current level of coverage. Ask about limitations and exclusions under your existing policy so you know exactly what is and isn’t covered to figure out if you need to purchase additional coverage.
