Valuable personal property coverage provides specialized coverage for personal possessions that exceed the low sub-limits of a standard homeowners or renters insurance policy. This insurance protects against theft, damage, or loss of valuables like jewelry, art, antiques, collectibles, musical instruments, furs, cameras, silverware, and other items that would be costly to repair or replace. It covers these possessions not just when they are at your home but also when traveling anywhere in the world.
Most homeowners and renters insurance policies provide limited protection for valuable personal property. Standard policies cap coverage of expensive items such as jewelry, artwork, musical instruments, and more to around $1,000 to $2,500 total. Losing a $10,000 engagement ring, a $7,000 guitar collection, or a home full of antiques and art could cost tens or hundreds of thousands out of pocket without adequate valuable personal property insurance.
Assessing the Need for Coverage
Taking stock of your most prized possessions is the first step toward securing valuable personal property coverage. Walk through your home room-by-room calling special attention to items like jewelry, artwork, musical instruments, collectibles, and specialized electronics. Some families may also have valuable furnishings, silver, fine china, or other household goods to itemize.
Write down all the details, including the item types, age, origins, brands, and approximate values. If listing a painting, name not only the artist but also when you purchased it and for how much. For jewelry, make notes on carats, metals, and stone types. It is also worth your time to photo or video document these belongings. Most insurance carriers also require that you have a professional appraisal done of the item.
Once inventoried, research current market prices for replacement costs. Understanding the actual replacement values allows you to properly insure the items rather than minimize their worth. After cataloging by value, revisit your risk factors and determine your personal articles coverage needs accordingly.
Appraisal and Documentation
When insuring prized possessions, professional appraisals are really beneficial. In the event of a claim, meticulously detailed appraisals increase credibility for higher payouts. Maintaining purchase receipts, appraisals, original photos, and manufacturers’ detailed descriptions facilitates proof of ownership and value. Records lend evidence that items are correctly identified and valued.
Suffering a loss of special possessions without adequate valuable personal property insurance coverage can be financially and emotionally devastating. The high potential cost to replace these items requires additional and custom coverage that valuable personal property insurance can provide. Contact Brooks, Todd & McNeil at 1.800.448.4567 for more information about personal umbrella insurance today!
About Brooks, Todd & McNeil
Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the best and most affordable policies from a variety of providers. Our dedicated facilitators are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.