How Valuable Articles Insurance Protects Your Valued Possessions

Most people inherently understand the necessary insurance policies they should have, like homeowner’s insurance and auto insurance. Commonly, people don’t think twice about signing up for these policies because of how valuable their home and car are to them.

However, you should be aware that other big-ticket items in your possession may be as essential to insure. Specifically, you might want to consider investing in valuable articles insurance to provide peace of mind and protection should anything happen to your high valued items and those of immense personal value.

How Does It Work?

A valuable articles insurance policy protects and provides you with financial means of recovery if a valuable property piece is damaged, lost, or stolen. The amount your policy will cost depends on the item’s appraised value, the amount of deductible you agree to pay (many policies come with no deductible), and other common insurance policy terms.

If you have a valuable or even sentimental item in your possession, a valuable articles insurance policy will provide you with the protection you need. While you may have a homeowner’s insurance policy that does cover the possessions within your home, the chances are that policy may be insufficient to cover your valuables. Most homeowner’s insurance policies have a limit on the amount of leverage for jewelry, artwork, and other high value items. Valuable articles coverage also includes coverage for losses usually not covered by a homeowner’s policy, such as loss or disappearance.

In many instances, you will have the choice to add valuable articles insurance as a provision of your homeowner’s insurance, so everything is covered in one place. However, you may have the option to separate the two policies and choose a different provider for your valuable articles.

What Can Be Covered?

The most important items to consider for valuable articles insurance are those with the highest value, the hardest to replace, and those with sentimental value. Common types of property protected by valuable articles insurance include:

• Art pieces
• Jewelry and gemstones
• High-value electronics such as a home entertainment center
• Valuable musical instruments
• One-of-a-kind memorabilia and collectibles
• Expensive fashion items such as designer handbags, fur clothing, and more

Is It Right for Me?

Not everyone will require valuable articles insurance. However, it’s still essential to contact your agent to understand what is and isn’t covered under your current homeowner’s insurance policy. If you have any valuable items that you believe are not covered under your current homeowner’s insurance policy, you should look into valuable articles insurance to protect your precious assets.

What’s Next?

Everyone’s situation is different. Only you know which articles in your possession deserve consideration for valuable items insurance and what level of protection is right for you.

If you have any questions about protecting your valuable assets, we encourage you to contact us at Schechner Lifson. As a top full-service insurance provider, our trusted insurance experts can guide you through comprehensive insurance plans to determine which plan is right for you. Call today at 908-598-7800.

Risks of Hiring Contractors Without Liability & Workers Comp

When you hire a contractor to work on your home, you want the most suitable one to complete the project. Yet, many homeowners prioritize the project’s overall cost and cut corners to save money by hiring subpar contractors who are not insured. Homeowners who employ uninsured contractors may end up paying more out of pocket due to the low-quality work completed which may need to be repaired and replaced.

If you’re a homeowner looking to hire a contractor, consider why contractors should have liability and workers’ compensation and the potential risks if they do not.

What is Liability and Workers’ Comp?

Liability and workers’ compensation (or workers’ comp) are two distinct types of policy coverages for workers, but they often go hand in hand.

General liability insurance coverage, or liability, is critical for independent contractors to have. It protects their business and workers should the work performed damage client property, cause bodily harm, or advertise injury. Workers’ comp is an insurance policy that protects workers and pays for any harm or injury that comes to them while on the job.

As an individual employing the contractor to perform work, it’s up to you to ask and verify if they have proper liability and workers’ comp before signing the contract. Otherwise, you could be held responsible for the alleged wrongdoing or accidents caused by the contractor’s work without insurance.

What are the Risks of Hiring Contractors Without Liability and Workers’ Comp?

If you decide to roll the dice by hiring a cheaper contractor who doesn’t have liability and workers’ comp and an accident occurs while they’re on your property, the costs can be high. The contractor can attempt to make claims on your homeowners’ insurance policy. Not only does that mean you’re potentially responsible for paying out the appropriate fees and deductibles on such claims, but it guarantees your home insurance rates will go up.

Another risk you potentially face when hiring a contractor without proper coverage is that any faulty or defective work they complete will be your responsibility to pay to fix. When your contractor has liability and workers’ comp, you have recourse to get these future fixes paid. But when they don’t have these coverages, you’re accepting the risk that you’ll be put in the position to pay for future related fixes.

Liability and workers’ comp are like any other insurance policy in that you are paying to protect yourself from potential damages and economic losses that could occur later on. The difference, however, is that these policies protect the contractors and not you. As a homeowner, you must verify that they are covered because if accidents occur and the contractors are not insured, the costs will fall solely on you.

If you need help in navigating insurance types for contract workers at your home, you should speak with experts trained on the topic. Schechner Lifson Corporation is happy to review your situation and recommend a suitable health insurance plan for you. Contact us today, so we ensure all your insurance needs are properly met.