Your valuables are important to you—and insuring them is equally important to prevent serious loss in the event of damage or theft. Learn more about how you can protect the finer things in life with additional coverage.
The Basics
Most Homeowners Insurance policies have stringent limits on coverage of valuables:
- As little as $1,000 of jewelry
- Up to $2,000 on firearms
- Up to $2,500 on silverware
- May not cover loss through theft, accident or natural disaster
A valuable items endorsement provides higher limits (as high as $50,000), which is enough for many homeowners. Others require separate policies for sufficient coverage.
Items that may require additional coverage:
- Jewelry
- Silverware
- Heirlooms (furniture, paintings, etc.)
- Rugs
- Musical instruments
- Fine art
- Antique china, crystal, decorative items
- Designer appliances
- Furs
- Vintage wine
- Collectibles (stamps, coins, glassware, etc.)
- Firearms
- Computers
To properly protect certain types of valuables, additional coverage is available through a policy endorsement or floater.
Endorsements
Endorsements are additions to your homeowners, condominium or renters insurance policy that change or add to the policy’s provisions. The endorsement can cover property otherwise excluded from a basic homeowners insurance policy, extend the number of perils included, or increase the amount paid for a covered loss. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value.
To determine each item’s value, 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. Items scheduled are typically not subject to the policy deductible.
Floaters
A separate personal articles floater policy may be used to schedule your valuable property that is subject to special limits under basic homeowners coverage.
Once you have an endorsement or floater, it is important to periodically review your policy’s coverage limits to minimize the likelihood of being underinsured due to outdated appraisals and inadequate limits of insurance.
The Cost of Coverage
The cost of coverage varies upon the item, but typically the fee is nominal. Our personal lines team of professionals can provide you with more information about coverage and an estimate for the cost of scheduling an item.
We’re Here to Help
Before a thief steals your possessions or precious jewelry becomes lost, contact Marshall & Sterling, Inc. to learn more about the affordable ways we can help you protect the things you value most.
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