Cover Your Personal Items with Valuables Insurance

Auto insurance: check. Life insurance: check. Health insurance: check. Homeowner’s insurance: check. With each of these in tow, you and your possessions are pretty well-covered, right?

Maybe. You could be leaving some of your most valuable assets unprotected. That’s because your homeowner’s insurance doesn’t guarantee coverage for everything in your home. Rather, it provides coverage for different items in the home up to a certain amount (known as category sublimits). So, if you have items in your home that exceed the value of their category sublimit, you’ll have to pay out of pocket should they be damaged, lost, destroyed, or stolen.

That’s why there’s valuables insurance. This type of coverage extends beyond your basic homeowner’s insurance. It’s specifically designed to cover personal items that are worth more than what the category sublimits of your homeowner’s insurance cover. We never know when a possession might be compromised, and though an insurance policy won’t be able to replace the sentimental value of cherished possessions, it can reimburse their monetary value – which is better than being left with nothing at all.

How Does Valuables Insurance Work?

Valuables insurance can be purchased as a separate addition to your homeowner’s insurance. You can do this at the time you acquire your homeowner’s insurance, or any time after. It’s important to be familiar with your standard homeowner’s insurance policy limits, so you know how much valuables coverage you need.

Without valuables insurance, should something happen to your possessions, you’d have to provide proof of ownership to your insurance company. In the case of a flood or fire, providing proof after the fact can be challenging. And who has time for that kind of dispute after major home damage?

There are two primary ways to go about identifying quantity of coverage. You can list out each valuable individually (itemizing) and put separate coverage on each item. Or, you can buy broader coverage for different categories of valuables. For items that are particularly valuable, it probably makes the most sense to itemize. You may find it helpful to work with an insurance agent who can determine the right coverage amounts for your items.

Valuables insurance also includes lost items. Let’s say a jewel fell out of your necklace, or you misplaced your collector’s edition watch. Your valuables insurance will cover the cost of these items. And, if the item appreciated in value since the time of purchase, many policies will even cover up to 50% beyond what you originally paid for the item.

If you have items in the home greater than $1,000 each in value, you should weigh the benefits of valuables insurance. However, if you have particularly valuable luxury items, consider this type of insurance a must-have. In this case, you may also want to seek out a premier insurance policy with agents who can accurately assess the value of your high-end items.

Interested in learning more about valuables insurance? Schechner Lifson Corporation’s team of insurance experts have more than one hundred years of experience in supporting homeowners like you! Call us today at 908-598-7800 or visit us online.