Protecting Your Valuables: Ensuring Adequate Coverage for Your Priceless Possessions

It’s that special time of year when love is in the air! Your partner just popped the question with a gorgeous engagement ring! Or maybe your significant other gifted you a set of antique diamond earrings. Valentine’s Day can be full of surprises – expensive surprises! You’ll want to be sure your gift is protected if damaged, lost, or stolen.

Did you know that many unendorsed homeowners and renters policies offer limited coverage for valuable items such as jewelry and watches? It’s true. It’s important for you to review your specific policy so you know exactly what your coverage limits are, in case an item gets lost, damaged, or stolen. If your valuables are worth more than your policy provides, you may want to consider additional coverage to ensure their protection in the event of a loss.

When it comes to valuables, such as antiques, here’s another tip you should keep in mind – if you are unclear about the value of any special item in your home, you may want to think about getting an appraisal. This will help you determine if your homeowners policy’s coverage limits are sufficient for your needs. Add-on coverage is often available from many insurers and should require an increase in coverage limits. One such coverage is jewelry insurance. This type of policy doesn’t generally cost very much and may be worth it in the long run. A stand-alone jewelry policy typically costs about 1% to 2% of your jewelry’s value. That means a $5,000.00 engagement ring will only cost about $50.00 to $100.00 dollars per year to insure it. It’s a small price to pay for some reassurance. If you’re thinking about protecting valuables in your home, here are a few recommendations:

• Read your existing homeowners or renters policy to determine your coverage limits.
• Make a list of valuable items you’d like to protect. If you are unsure of their value, consider getting an appraisal.
• If your valuables are worth more than your unendorsed homeowners or renters coverage, consider an add-on policy. Many insurers offer extended protection for an additional fee.
• If you require additional insurance coverage for your valuables, be sure to ask for a quote so you know exactly what your cost will be to cover your expensive possessions.

Once again, there are many options to ensure that the valuables in your home are properly protected. Contact BayCoast Insurance today, and one of our professionals will be happy to review your policy to determine what action, if any, should be taken to safeguard your valuables because, as the saying goes, it is better to be safe than sorry!