Are My Valuable Items Really Insured?

Home insurance coverage is designed to protect things in your home that are important to you. Having said that, it is important to mention that certain items cherished by you and your family may need additional insurance coverage. Whether it is your jewelry, family heirlooms, works of art, or vintage wines, you want to make sure that your home insurance policy coverage actually protects your valuable items. If you have valuables that may exceed your home insurance policy coverage limits, perhaps it is time to consider speaking with your insurance broker to find out how your valuable items can be best protected.

Check Your Personal Property Coverage Limit

The first step that anyone should take towards having their valuables covered by their home insurance policy is to check their coverage limit. You can browse through your home insurance policy document, or simply call your broker or insurance agent to determine what coverage limit applies to your home insurance policy. If in doubt, it is better to call an insurance broker if you have any questions about your policy. Afterall, they are experts who can best suit your insurance needs.

Identify Your Valuable Items With ‘Special Limits’

As part of your home insurance policy, certain valuable items have set coverage limits, referred to in the insurance industry as ‘Special Limits’. This means that, for example, if your diamond ring is valued at $10,000 and your special limits coverage for theft and vandalism is $5,000, you may want to contact your broker to make sure that your valuable items are properly covered and protected.

Below is a list of the most common items with special limits of coverage:

Jewelry
Watches
Luxury handbags and purses
Stamp collections
Coin collections
Furs
Sports card collections
Bicycles
Business Property

Contact Your Broker

After you have determined which items are most valuable to you, make a list and contact your insurance broker. It is prudent to contact your broker for the following reasons:

If you own items whose value exceeds your Personal Property Coverage Limits.
If you own items whose value exceeds the Special Limits on your policy.
If you have recently bought, inherited, or received a gift of something of high value.

Don’t assume that just because you have comprehensive, basic, or broad insurance coverage, that your cherished valuables are sufficiently protected. It is critical to contact your broker at this stage to ensure that your valuables are properly covered.

Keep A Record Of Your Valuables

Insurance brokers are of the consensus that keeping detailed records of your valuables can help the process of making any future claims go smoothly. Consider doing the following:

Keep your receipts as proof of ownership in the case that you make a claim.
Take detailed photos of your valuables.
If your items have been appraised, provide your insurance broker with an original copy.
Always keep your receipts, photos, appraisal documents, and of course, your valuables in a safe place.

By doing so, you will have the peace of mind knowing that your home insurance policy can indeed protect your cherished valuables if any unforeseen circumstances arise in the future.