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Do You Need Valuable Personal Property Insurance?

Do You Need Valuable Personal Property Insurance?

Isn't valuable personal property insurance unnecessary if you already have renters or homeowners insurance?

Oddly enough, the response is probably no. The complete worth of your possessions, such as a pricey engagement ring, an antique collection, or a specially crafted musical instrument, is usually not covered by a typical renters' or homeowners' insurance policy.

The addition of valuable personal property insurance to your financial portfolio is something you would regret not doing in the event that you incur a loss as a result of a burglary or a fire.

What Is Covered by Your Policy?

Finding out the limits of your coverage is the first step towards figuring out if you lack insurance. Jewelry and other valuables may be specifically excluded by your insurance. Alternatively, it can restrict coverage to a specific sum, typically $10,000 or less. However, most of the time, purchasing valuable personal property insurance requires purchasing a property insurance policy first.

Considering Value and Adding Riders

After determining the extent of your coverage, evaluate the worth of the goods for which you would like additional insurance. A lot of antiques and jewelry have increased in value since they were first bought. Obtain formal appraisals for every item, and if you have a receipt or other proof of ownership, bring it with you.

Should your coverage be insufficient, you will need to add individual riders to your policy to insure each item. For instance, if you own an engagement ring valued at $5,000 and a matching pair of diamond earrings appraised at $2,000, the $3,000 maximum coverage for jewelry losses under your homeowner's insurance policy will leave you $4,000 short.

You are also covered for a broader range of losses when you add each valuable item as a rider to your policy, such as in the event that a stone falls out of your engagement ring. This loss would not be covered by a standard policy without a rider.

Questions to Discuss

Make sure you ask the necessary questions of your insurance provider when you are expanding the coverage for expensive personal belongings.

Make sure you understand how to file claims first. Certain insurance policies could mandate that you buy a replacement and then submit a claim for reimbursement. Certain policies can merely send you a check for the full amount of the loss.

Do you have to keep updating the valued things appraisal all the time? If yes, how frequently should you provide your insurance company with appraisals?

Are there any losses for which the policy provides no coverage? How should you provide your insurance company with proof of the loss?

It's simple to evaluate and raise your valuable personal property insurance as necessary at Four Seasons Insurance Agency. Together, we'll walk you through the process and help you evaluate how much coverage you need, providing you with a customized quotation for each valuable item.

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