Was Santa good to you this year? Whether it was an elegant piece of jewelry, a high-tech drone camera, or maybe a painting from Sotheby’s, these valuable pieces are worth creating a separate schedule to cover the items from theft, damage, or misplacement.
Depending on the insurance carrier you are with, you can either add scheduled personal property to your existing homeowner’s policy or you can obtain a separate collections policy to insure your valuables. In both cases, high value items like jewelry or art can be itemized, or in some cases, assigned a lump sum “blanket” value to ensure you would be reimbursed for the full value of the item. Without purchasing separate coverage for your collections, there are pre-set maximum amounts a company will pay on valuables in the event of a loss. Specifically naming higher value or collectible items removes limitations and broadens coverage.
The core components of a standard homeowner’s policy are:
- The dwelling itself
- Other structures, (sheds, fences, etc.)
- Personal property (clothing, furniture, appliances)
- Loss of property use after a covered loss
- Personal liability and medical payments coverage
There are three distinct benefits to scheduled personal property policies:
- You are insuring the item(s) for their full value versus a depreciated amount or a settlement subject to sublimits.
- Broader Protection – items are covered for theft and for accidentally losing, misplacing, or damaging them.
- Claims related to scheduled items are not subject to the policy deductible.
Follow these guidelines for your prized possessions:
Document
To process a claim, you will have to prove what you had and what it was worth. A home inventory can be very useful here. At minimum, you should create a list of artwork, jewelry, wine, antiques, and other valuables, include date purchased, amount paid, picture, and any other important details.
Appraise
If you think your collection is worth more than a few thousand dollars, or if it is a specialized area that will make assigning a value to the collectibles difficult, getting a formal appraisal will help you to know how much insurance you need. It will also back up your claim should you have an insurable loss. Because the value of items like jewelry or art fluctuates over time, we suggest obtaining appraisals every few years to ensure items are insured properly and adequately.
Insure
Once you know what your collection is worth, start with your current insurer and inquire about adding scheduled personal property coverage.
Or call an Avery Agent. We will take care of all the ground work to get you the best insurance coverage at the most competitive price. 800-759-7579
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