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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.