Insuring Valuables

Whether it’s a diamond ring or a silverware set, you should insure the things you value most. Find out more about affordable insurance options!

Top Ways to Save on Your Homeowners Insurance Premium

• Consider raising your deductible.
• Invest in a home security system.
• Update exterior locks to dead bolts.
• Install smoke alarms.
• Select an automatic payment method.
• Monitor your credit rating.
• Ask about our multi-policy discounts.

Why Do I Need to Insure My Valuables?

It’s true that standard homeowners, condominium and 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 insure the value of a portrait or an heirloom stamp collection, consider purchasing additional coverage through a policy endorsement or floater. Coverage options are both affordable and easy to arrange.

Protection for the Finer Things in Life

Nothing says “I love you” like a sparkling diamond necklace or a designer watch. In the event of a loss, nothing causes more heartache than learning that you’re underinsured. Learn more about how you can protect the finer things in life with additional coverage options, highlighted below.

Coverage Options

Additional coverage is available through a policy endorsement or floater.

Endorsements

Endorsements are additions to your homeowners, condominium or renters insurance policy, which change or add to the policy’s provisions. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value.

For all items, an appraisal or sales receipt is typically required. 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.

The endorsement can cover property otherwise excluded from a basic homeowners insurance policy, extend the number of perils insured against, or increase the amount paid for a covered loss. Items scheduled are typically not subject to the policy deductible.

Floaters

A separate personal articles floater may be used to schedule your valuable property that’s subject to special limits under basic homeowners coverage.

If you have an existing endorsement or floater, it’s important to periodically review your policy’s coverage limits to minimize the likelihood of underinsurance arising from outdated appraisals and inadequate limits of insurance.

Also Read: Why Do Home Insurance Rates Change?

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