Coins, jewelry, fine china and art evoke warm memories of travels and adventures, or they reflect a deep passion of interests. However, these cherished possessions may not have adequate insurance. What if they are lost, damaged or stolen? The typical homeowner's insurance policy will only cover personal liability, general contents of your home and protect your place of residence. Coverage for valued items usually ranges between $1,000 to $5,000.
Appraise Your Valuables
Work with a qualified appraiser who belongs to a nationally recognized organization to receive an up-to-date value assessment. Home insurance providers typically demand appraisals to guarantee the item's existence, to confirm its value and to serve as a description. Appraisers need a minimum of five years experience to receive membership status at an appraisal organization.
Choose Adequate Coverage
When picking coverage, choose a broad insurance policy to cover disasters such as storm damage, smoke damage, breakage and mysterious disappearance. Additional insurance coverage can be found in two main forms: The first option is to insure with floaters, which covers a specific item. The second option is known as blanket coverage, and it covers an extensive category of valuables including:
Blanket coverage has been recommended only for less expensive items while floaters are a better choice for valuable items.
In a typical homeowner's insurance policy, coverage for personal property has been limited to 50 percent coverage on the home. A home that has been covered for $150,000 will only cover $75,000 in personal property, but to ensure the best coverage, talk to your local home insurance agent. They can help you to modify your policy with a blanket coverage or a floater. If your home insurance policy prove insufficient for your higher valuables, some insurance providers offer stand-alone policies.
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