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Make Sure Your Valuables Insurance Insures Your Valuables

Home Insurance
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When it comes to your personal valuables, insurance policies, especially homeowner’s have limitations and exclusion. If you have items of notable value – jewelry, furs, antiques, art – it may be necessary to conduct a review of your homeowners and other insurance to make sure you have enough coverage.

When you buy a standard homeowner’s insurance policy, you establish the amount at which you want to insure your personal property. Even then, there is usually a ceiling of $100,000. In addition, there are limits on individual items: most policies will pay up to $1500 for furs, jewelry, and about $1,000 above that for guns and silverware. To protect items which are beyond these limits you will need to purchase a rider or a blanket policy.

Rider v. Blanket Homeowner's Insurance

Rider policies are available to cover specific items such as art, expensive furs, and jewelry. Each item is covered individually. Blanket policies are designed for covering general categories of property(thus blanket), such as jewelry, silverware, and the like. As a caveat, blanket policies have a per item limit, the amount of which depends on your particular insurance company. If you do not have any single item that exceeds the cap, then a blanket policy will work well.

The most important artifact in proper valuables insurance coverage is an itemized list. Additionally, if the item you are insuring is of greater value than $50,000, you are best served obtaining an appraisal. Items less than that can be verified by keeping receipts, where possible, or even appraisals for your own peace of mind. Store these documents in a safety deposit box, or some other equally safe location.

Know your policy

When you review any of your insurance policies, pay very close attention to any exclusions. In rider policies, because you are insuring specific items, anything that is not named is not insured. Because blanket policies are category coverages, they will identify what is not covered, both specifically and generally. If you have doubts, concerns, or questions, contact your agent for clarification. Also pay attention to what type of loss is not covered.

Regardless of te extent of your valuables insurance coverage, you should conduct an annual policy review and appraisal. Items that increase in value over time need to have their coverage increased. Those that have depreciated over time need less coverage. For some items, market demands fluctuate, increasing and decreasing in a cyclical pattern.

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