Insuring Your Valuables

If you own fine art, jewelry or any other valuables, make sure to check your homeowners insurance policy. Many homeowners insurance policies have a limit on how much they will cover. If you’re your items are worth more than your homeowners insurance policy covers, you may need to get additional coverage. There are two main types of additional coverage for valuables, a broad coverage option, or a specific option.

The broad coverage options provides a blanket coverage for all the categories of valuables, including jewelry, art, and wine. Broad coverage is less expensive than specific coverage. Specific coverage is adding additional floaters onto your homeowners insurance policy. It is more expensive and requires you to list each item individually as well as get everything appraised that the insurance policy is covering.

Most insurance professionals agree that the investing in insurance to cover specific items, called scheduling, is a much better choice. Although it is more expensive and requires more steps, it provides better security for your valuable items and can provide proof of the actual price. Scheduling also provides mysterious disappearance coverage. This means that your valuables are covered in case the item is lost. It will also cover up to 50 percent over what you paid for an item if it appreciates in value.

Blanket coverage is recommended for less expensive items, such as small pieces of jewelry. Scheduling is recommended for more valuable jewelry items that are worn on a regular basis, since they are more likely to get lost. It is also important to get jewelry appraised with the fluctuation of precious metals’ value to ensure that you have the right amount of coverage.

For the most comprehensive insurance to insure that your valuables are properly covered, contact the insurance experts at Mayer Insurance located in Apple Valley, Minnesota.