The Importance of Itemizing Your Valuables

Interior view of a house under construction home framing
SMART INSURANCE TIPS

 Valuable collections and unique personal items almost always need their own insurance for proper protection. It’s important to have a discussion with your insurance broker whenever you acquire valuables ranging from fine art, antiques, jewelry, and musical instruments to silverware, wine, stamps and coins. By scheduling your valuables, you’ll be in a better position in the unfortunate event of a loss.


Here are a few tips and things to be aware of:

1. Homeowner insurance provides protection for “personal property,” intended for things that can be easily replaced, such as clothing or furniture. However, your homeowner policy’s coverage for valuables is more limited, and your deductible applies to all claims.

2. By itemizing your valuables on your insurance, you’ll get coverage for an agreed value on each item, and no deductible applies.

3. Coverage is broader when valuables are on their own policy. For example, jewelry on a valuable collections policy can be covered for “mysterious disappearance” or breakage, both of which are excluded on homeowner insurance.

4. Some policies even include coverage for “market appreciation,” in the event that covered valuables have appreciated above the agreed values stated on the policy.

5. An appraisal or bill of sale is not always needed in order to itemize certain valuables.

6. Rather than Scheduling your valuables, you can cover them on a “Blanket” policy, which does not require itemization. Only the total value of your collection is needed, as well as the value of the most expensive piece.

7. The cost to itemize assets like art, antiques and wine is surprisingly inexpensive.

For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com

Are You Covered During Your Construction Project?

Interior view of a house under construction home framing
SMART INSURANCE TIPS

When building or renovating your home, you have an increased exposure to both liability and property loss. It’s important that you understand your risk and make sure you have the right insurance coverage.   


Here are a few things to be aware of:

1. If you’re doing a minor, cosmetic renovation, notify your homeowner insurance carrier and make sure they allow for this. Many insurance companies will allow short term renovations taking no longer than 30 – 60 days as long as you’re still living in the home during the work.  

2. For a major renovation or a new home from the ground up, notify your homeowner carrier as you may need a separate Builder’s Risk Policy. This covers the structure and theft of building materials and takes the place of your Homeowner Policy until the project is done. The coverage limit should reflect the replacement cost of the home at the end of the project.

3. During any construction project, you have an increased exposure to a liability claim. Anyone injured on the jobsite can sue both the homeowner and the general contractor. Make sure you have adequate primary and excess (umbrella) liability coverage and that your carrier is aware of the construction project.

4. Ask for an insurance certificate from all contractors working on your home. This provides proof that the contractor has both General Liability and Workers Compensation coverage. The certificate should name you as an “Additional Insured.”

For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com