Is having a homeowner’s insurance sufficient to cover all your assets? Surprisingly, no. Although conventional homeowner’s insurance covers all the items you own, in case of loss or damage, it might not insure the full value of certain items. In other words, it might not offer adequate coverage of each of the listed items, especially the more valuable ones. So, if you own a few items that are expensive or more precious, you must invest in valuable property insurance.
Let’s discuss some crucial aspects related to it.
What Is Valuable Property Insurance?
Valuable property insurance addresses the limitation of basic homeowner’s policies. It ensures that you get adequate returns to replace or compensate for your most expensive items.
Valuable property insurance is specifically designed to cover items that are valued higher, typically more than $100. For example, if you own a high-value jewelry item, you can cover it separately with valuable property insurance. Here, you can also choose between two types of coverage: blanket jewelry policy and scheduled jewelry policy. Both these policies target different value covers. In general, the scheduled jewelry policy covers a higher cost range than the blanket jewelry policy.
Although it is not possible to replace the sentimental value of these items, valuable property insurance can at least help with compensation for the monetary aspect.
Why Is It Beneficial?
In addition to providing an adequate return on expensive items, valuable property insurance also offers the following benefits-
- Deductibles: Valuable property insurance does not have any deductibles. So, you receive full value when you claim compensation from your insurer.
- Insurance benefits in case of damage or breakage: Valuable property insurance pays for the repair and replacement of the high-value items that are insured under this policy. It can be availed in case of loss and damage.
- Global coverage: Valuable property insurance provides global coverage, which means if you insure an item under this policy, it won’t just cover the item when it is at your home but also anywhere else in the world. So, if you take that item with you when you travel and it undergoes damage or loss, you can still claim compensation.
What Does It Cover?
Valuable property insurance could cover everything that holds significant value to you. These items are covered separately under the policy. The items that you can insure with valuable property insurance include:
- Jewelry items like engagement rings or necklaces
- Coin and stamp collections
- Fine art
- Sterling silverware or valuable crystal
- Sports equipment and accessories
- Electronic items like expensive computer parts
- Musical and other instruments
- Audio equipment
What You Cannot Use It For
No doubt, any item can hold immense value for you. However, there are restrictions on the type of items you can insure with valuable property insurance. Before purchasing a policy, make sure to check with the insurer to understand the terms and conditions. Along those lines, here’s a list of some of the items that may have limited protection with valuable property insurance:
- Collectibles like comic books, figurines, sports memorabilia, etc.
- Medical equipment like lenses, hearing aids, glasses, etc.
- Designer clothes
- Tablets or e-readers like Kindle
- Gaming systems like PlayStations
- Mobile phones or smartphones. However, some companies offer coverage of it.
- Artificial jewelry and accessories
Get the Best Deal on Valuable Property Insurance
Everyone possesses items that hold special value to them, be it sentimental, monetary, or both. And, it is essential to have adequate protection for them. While the homeowner’s insurance policies can cover all items in our possession, they might not return their full value at the time of insurance claim.
Therefore, to make sure that you receive adequate compensation in case of loss, damage, or theft, valuable property insurance is a wise investment in addition to your conventional homeowner’s insurance.
We at Gonzalez insurance make it our mission to not just provide the best services in the market but also educate our customers about different aspects of our valuable property insurance policies.
We believe in maintaining transparency so that our clients can make informed decisions and ensure they have the best coverage that meets their needs.
For any queries related to valuable property insurance, get in touch with us. We’ll be happy to guide you through the entire process.