When the calendar turns, it’s time to start taking stock of everything from personal habits to household budgets to – you guessed it – insurance coverage. When you start dealing with your list during the new year, remember to review and update your insurance – especially if you received valuable gifts during the holiday season.
What is covered and not?
Many people are surprised to find that unapproved homeowner policies have coverage * for theft of certain types of personal items, including jewelry, watches, furs, and firearms. A typical limit for stealing jewelry, watches, furs, gems and semi-precious stones on a homeowner’s policy is $ 1,500. Your deductible applies to this type of loss. If you lose any of these items (as opposed to loss through theft), you may not be covered at all by your regular insurance coverage. Coverage for items such as coins and stamps can be limited to a special coverage limit regardless of what is caused by the damage.
What additional coverage options are available?
Certificates of scheduled personal items are additional insurances that insure a particular item on your insurance to a certain amount. A schedule for personal items not only provides wider coverage and increases the coverage limit for loss of valuable items, in most cases it does. not include a deductible.
If you experience a loss, additional coverage for some real estate items can save you a lot of hassle in the long run. The more accurate and up-to-date your insurance policies and insurances are, the easier it is for your claims to be handled quickly and efficiently.
- Inventory your belongings. Make a list of valuable items that you own. Remove any items you no longer own from existing scheduled property recommendations.
- Get your valuables evaluated. Getting valuations on items such as jewelry, furs, watches and firearms is the best way to determine the current value of these items. Getting valuables evaluated on a regular basis also helps to keep them properly insured when the market and inflation ebb and flow.
- Take photos and / or record videos of your valuables and receipts. These images can be helpful in the event of a loss linked to a disaster such as a tornado or a house fire. Save images in the cloud so that they are stored securely and are available.
- Meet with your agent to review what types of additional coverage are right for you. Your independent agent may request a valuation for certain items to ensure that there is no difference in the value or replacement cost of the property.
- Consider including coverage for items such as electronics, musical instruments and artwork. Mobile phones, laptops, cameras and many other types of property can also be insured on a personal item coverage.
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* The information above is of a general nature and your policy and coverage provided may differ from the examples provided. Please read your entire policy to determine your actual coverage.