Insuring Valuables
Nothing says “I love you” like a sparkling diamond necklace or a designer watch. However, in the event of a loss, nothing causes more heartache than learning that you’re underinsured. While insurance can’t ease the actual heartache from the loss a valuable item there are affordable additional coverage options to help ease the financial burden.
The Basics
Standard homeowners, condominium, or renters insurance policies include a limited amount of coverage for jewelry and other valuable items. However, many policies limit the dollar amount of coverage for the theft or loss due to a covered peril of such items. To properly protect certain types of valuables, additional coverage is available through a policy endorsement or floater.
Endorsements
Endorsements are additions to your homeowners, condominium, or renters insurance policies that change or add to the policy’s provisions. The endorsement can cover property otherwise excluded from a basic homeowners insurance policy, extend the number of perils included, or increase the amount paid for a covered loss. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value.
An appraisal or sales receipt is typically required to determine each item’s value. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item. Items scheduled are typically not subject to the policy deductible.
Floaters
A separate personal articles floater policy may be used to schedule your valuable property that is subject to special limits under basic homeowners coverage.
Once you have an endorsement or floater, it is important to periodically review your policy’s coverage limits to minimize the likelihood of being underinsured due to outdated appraisals and inadequate limits of insurance.
The Cost of Coverage
The cost of coverage varies depending on the item, but typically the fee is nominal. Our personal lines team of professionals can provide you with more information about coverage and an estimate for the cost of scheduling an item.
We’re Here to Help
Before a thief steals your possessions or your precious jewelry becomes lost, contact INSURICA to learn more about the affordable ways we can help you protect the things you value most.
Source: This article is provided for informational purposes only. The information provided herein is not intended to be exhaustive, nor should it be construed as advice regarding coverage. Eligibility for coverage is not guaranteed and all coverages are limited to the terms and conditions contained in the applicable policy. © 2008, 2011, 2013, 2016 Zywave, Inc. All rights reserved.
About the Author
Share This Story
Related Blogs
Workers’ Compensation Rates Drop, Yet Premiums Remain Unchanged
In Workers' Compensation, the reality is that the E-Mod score determines the majority of the annual premium, rather than the non-disputable rates assigned by the NCCI for each class code. Which is to the benefit of savvy companies that understand how the EMOD score works and know how to control it.
Spring Storm Safety Tips for Businesses
Spring can bring about some of the year’s most dangerous weather and wreak havoc on many aspects of a company’s operations. This article discusses the weather threats to watch out for during spring and measures businesses can take to minimize damage.
Green Practices in Healthcare Facilities
Sustainability has become increasingly important for healthcare facilities. Faced with regulatory requirements, cost-saving opportunities and growing public expectations for environmental responsibility, healthcare facilities are pursuing green initiatives that align with operational efficiency and risk management goals.