Most homeowners insurance or renters insurance policies have a limit on how much they will pay for any single item. While this is fine for most possessions, it can mean you won’t get the full amount for expensive items such as jewelry or artwork. That’s where valuable possessions insurance comes in.
A valuable possessions insurance policy has other benefits, in addition to making sure you are adequately covered. For example, you can get coverage based on the actual replacement value of the item that you are insuring rather than a generic market price. It’s well worth getting regular valuations and keeping your policy up-to-date to reflect these figures.
Valuable possessions policies may also have the option of covering accidental damage to expensive items like jewelry or artwork–something that isn’t always on option with homeowners insurance.
Another option worth considering with valuable possessions insurance is coverage that isn’t restricted to your home. For example, a homeowners policy often won’t cover loss or damage to jewelry that you wear out of the house–whether that’s a necklace on special occasions or an engagement ring you wear every day. Valuable possessions insurance policies will often have the option to cover such losses.
Not sure if valuable possessions insurance is for you? Contact us and we’ll help you decide if this coverage is a good fit.
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As an independent agency, we offer multiple options at competitive prices.