Your most valuable possessions will not be covered by your standard residential insurance. Despite providing coverage for common objects like clothing, appliances and furniture that are safe to use, it often does not cover valuable or rare property, which is why additional insurance is necessary.
Which items are covered by (and not included in) Your Homeowners Policy?
While most homeowners’ or renters’ insurance provides basic coverage for personal property, it usually limits coverage on more expensive items. Why? These limits usually resemble this:
Jewelry: Usually limited at $1,000.
Commonly allocated up to $2,000 for firearms.ii.
A budget of approximately $2,500 is all it takes to purchase fine china and silverware.
Unexpected disappearance or unintentional damage? Typically, nothing is covered.
Translation? Your vintage vinyl collection may be destroyed in a basement flood, your diamond jewelry may have slipped off the finger, or your antique vase may break.
When is it advisable to consider getting extra coverage for priceless items?
If you have something special, valuable, or simply irreplaceable, you may require more than the usual protection. With optional policy add-ons such as a Personal Articles Floater or NIbs (up to $50,000 total, or $10,000 per item), you get more protection and higher limits. These may include natural disasters, theft or accidents and unexplained disappearances.
Items often need extra protection, including:.
Engagement rings and exquisite jewelry.
Decorative art: Old antiques, old furniture.
High-end timepieces or designer purses.
Collectibles, sculptures, and fine art.
Sound systems or musical instruments.
Expensive bicycles or athletic gear.
Rare whiskeys or vintage wines.
Handwoven rugs, china, or silverware.
Power tools or garden tractors.
High-end appliances.
Equipment for photography and videography.
Weapons and relic from the past.
What Are Floaters and Endorsements?
A recommendation is simply a renovation of your present rental, homeowners insurance or condominium insurance. You can arrange each valuable item separately and include its description and value as determined by an appraisal or receipt in the listing.
Values may shift with market prices and appraisals could become outdated over time, especially for luxury goods, collectibles, and fine art. Regularly reviewing your coverage can prevent any future gaps and surprises..
Protect Your Sentimental Value from Any Perils.
These objects have more than just price tags: a camera that has captured countless memories, accompanied by percussion instruments, or even sounded like the wind was blowing on you.
Keep your most valuable possessions secure.
Whether you prefer stand-alone policies for high-value items or more substantial endorsements and floaters, our team of personal lines professionals can help you make the right choice.
