Personal property insurance covers the contents of your house or apartment against losses due to unfortunate events like fire, storms, falling objects, vandalism, and theft. A basic homeowners or renters insurance policy contains a certain amount of personal property coverage, but the default amount is sometimes not enough. If you have high-value objects at home, you might need one or more insurance riders—along with a current appraisal of the items—to make sure you receive the full value should you ever need to file a claim. Below are some of the most common items that require additional property insurance coverage.
3 Valuable Items That Often Need Additional Coverage
The value of heirloom jewelry often exceeds the limits of a basic homeowners policy. If you own family jewels, it's a good idea to have them appraised and photographed and added separately to your policy. Additionally, consider doing the same with your wedding ring or other jewelry you own that features gold, silver, platinum, or precious stones.
Collections of guns, coins, stamps, first edition novels, and even comic books can be extraordinarily valuable when assembled together. Therefore, it’s crucial that you have an experienced professional value the collection as a whole—not just the individual items—before you attempt to insure it.
Be aware that many homeowners insurance policies have "fine art" exclusions, so valuable artwork should be specifically called out in a separate property insurance policy, as well. An appraisal in such cases is also warranted. It's also a good idea to keep a bill of sale to show its provenance, especially if you paid a considerable amount for the piece. This will help you recover full value in the event of its loss.
To discuss your property insurance coverage options with an experienced professional, contact Simpkins Foley Insurance Associates in Franklin, OH. They have been serving clients throughout the Greater Dayton area since 1972 and also offer affordable auto, home, business, and agricultural insurance. Visit their website to learn more about their coverage options, or call (937) 746-9993 to request a property insurance quote.