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Your great-grandmother’s wedding ring, an ancestor’s medals, and other family heirlooms usually have an emotional value that can be impossible to express in monetary terms. However, if you’re purchasing insurance coverage, you’ll have to figure out how much these items are worth, and whether your current policies offer the protection you need. Below are a few tips for protecting your family heirlooms from loss or damage.

Order an Appraisal

Before determining whether you need to purchase additional insurance coverage, you’ll need to know the fair market value of your items. For a small fee, an expert in the field can give you an estimate of what your heirlooms will go for on the open market, which can be the starting point for evaluating your coverage needs.

Check Your Current Policies

insurance coverageBoth homeowners and renters insurance policies protect your personal belongings from theft or damage due to covered events, but each type of asset might be subject to different limits. For instance, although your homeowners insurance coverage might provide $75,000 in personal property protection, you might be limited to $2,500 in compensation for lost jewelry. In this case, you may want to consider purchasing a separate policy or adding a floater to your homeowners insurance coverage.

Purchasing Additional Coverage

Many insurance companies allow you to extend coverage by adding Scheduled Personal Property Coverage, which are riders designed to cover specific assets. In some circumstances, you may be allowed to insure the item for more than its appraised value, which may be ideal for your emotionally significant heirlooms. While increasing the coverage amount will likely result in slightly higher premiums, the cost may be worth it if something happens to your most prized possessions.

 

For over a century, Charles Adams Insurance Agency has helped generations of Ashland, KY, families protect the things that matter most. Whether you’re looking to insure your priceless family heirlooms or shopping for a new homeowners policy, their dedicated agents will compare policies to ensure you get the coverage you need at the best price available. To discuss your insurance coverage options and request a quote, visit their website or call (606) 325-9709 and follow their Facebook for more tips and advice.

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