fbpx
Client Login

Stay Updated

Subscribe to the INSURICA blog and receive the latest news direct to your inbox.

Subscribe to the blog

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 of that special 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important to periodically review your policy’s coverage limits to minimize the likelihood of being underinsured due to outdated appraisals and inadequate limits of insurance.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

INSURICA
INSURICA

Share This Story

Keep up to date

Subscribe to the INSURICA blog and receive the latest news direct to your inbox.

Subscribe to the blog

Related Blogs

Hot Work Hazard Prevention for Oil Field Workers

September 21st, 2022|Blog, Energy, Safety Tips|

“Hot work” refers to any task that involves burning, welding, or the use of fire- or spark-producing tools, or actions that generate sources of ignition. On an oil job site, there are numerous potential hazards, including well heads, fuel tanks, mud tanks, tank batteries, gas separators, and oil treaters.

Cyber Attack Resilience in Oil and Gas

September 19th, 2022|Blog, Energy, Safety Tips|

The energy sector is no stranger to a cyber attack. For many American families and businesses, the most personally disruptive incident in recent memory came in May 2021 with the ransomware attack that shut down the Colonial Pipeline, a major U.S. oil and gas pipeline responsible for supplying nearly half of the East Coast’s petroleum.

Considering the Risks of Wind Energy Projects

September 18th, 2022|Blog, Energy, Safety Tips|

As the shift to alternative sources of energy continues to be a topic of utmost relevance, investments in wind energy have become increasingly prevalent. While the energy source receives a great deal of attention, it also entails a complicated combination of risks, both financial and commercial. If you are considering wind farms as a potential investment, take the following factors into account to ensure that you have an ample risk management plan for this complex and largely unexplored territory.

Go to Top