Insuring Valuables: How to Protect Your High Value Items
Do you own any valuable possessions that you would be devastated to lose? It’s unlikely that you own anything as extravagant as these top jewels in the video below, but that doesn’t mean what you haven’t isn’t valuable to you and worth protecting.
When to Get a Scheduled Articles Floater
If you have valuable posessions, it may be time to add a Scheduled Articles Floater. Did you know that all property insurance policies have limits when it comes to losses for high value items like jewelry, furs, art and coin and stamp collections? On many policies this limit is only $3,000 and it is also subject to the policy’s deductible. If you own an item or items that exceed your policy’s limit, then you should consider purchasing a Scheduled Articles Floater.
This floater can be purchased with or without a deductible and provides coverage for a specific item(s) on an all risk basis (with certain exclusions). This means you are covered for such perils as an accidental tear to your fur or the loss of a single stone from your ring.
Determining the Value of Your Posessions
The value of the item is determined by obtaining a valid appraisal. The appraisal establishes the exposure for the insurance company and allows you to know exactly what your claim settlement will be in the event of an insured loss. It is important to note that appraisals are not a one-time estimation. We recommend you reassess high value items every 3-5 years as many factors could affect their price. The premium for your scheduled item is based on its value. While it’s conceivable you could pay more because the item has increased in value, you could also save if the item has reduced in value. Why pay more for your insurance coverage than necessary?
We Can Help
Please consider what items you hold near and dear to your heart. If their value exceeds your policy limits, it may be time to add a Scheduled Articles Floater. Contact us to discuss any changes you may require.
(Copyright: Staying in Touch 2003 – Volume Thirteen, Number Two)