One of the biggest misconceptions individuals have when it comes to insurance is that homeowner’s or renter’s insurance will cover all of your personal property. However, if you look closely at your policy, you will see there is a set limit on the monetary value of a claim, as well as certain other restrictions. For this reason, it is important to consider valuable personal property insurance for those expensive belongings to ensure you have the appropriate amount of coverage.
What Is Considered Valuable Property?
Before you discuss personal property insurance with your insurance agent, it is important to understand what qualifies. Many families have jewelry and collectibles that may qualify for valuable personal property insurance. However, there are other belongings that may also be eligible, depending on their value. These include fine art, guns, fur coats and even musical instruments. To ensure you have the appropriate amount of coverage, appraisals may be necessary to value the items.
What Types of Loss Are Covered?
Personal property insurance works in much the same way as your typical homeowner’s insurance. When you suffer a loss of covered items, you must file a claim with your insurance company to receive compensation. Some of the most common reasons losses occur are due to theft and fire. However, in many cases, when you have the right valuable property coverage, you can file a claim, even if you aren’t sure what happened to the item.
Meet with Your Agent
If you feel you have valuable property that requires additional coverage, it is important to talk to your insurance agent. When you meet, bring receipts showing the purchase of these items, as well as any relevant appraisals. Your agent needs these documents to value the property and determine the cost of your valuable personal property insurance. They will keep copies of these documents in case you must file a claim. Valuable personal property insurance is necessary if you have expensive items that fall outside your typical homeowner’s or renter’s insurance policy. These items can include jewelry, art and other high-ticket purchases. Making sure you have the right amount of coverage will assure you can cover all of your losses. If you are interested in adding valuable personal property insurance to your policy, contact us at Steven Graves Insurance. We can help you find the right options to cover all your belongings.