Personal Insurance for Your Valuables: How Does It Work?

Many people purchase homeowners insurance believing that it will cover all their possessions sufficiently. If you own valuable items like art, antiques, jewelry, or expensive electronics, your coverage may be sorely lacking. Your homeowners insurance is written to cover the possessions you use daily. If you own a variety of valuable items, it’s in your best interest to purchase a separate policy for each of them to ensure that you have adequate protection.

Have Your Items Appraised

If you have valuable antiques, jewelry, or fine art, you should have it appraised to determine the actual value of each item. This is also true if you own coin collections or any other type of valuable item that you want to insure for its true value. If you don’t take the time to appraise an item, you won’t know its true value, and you may lose money if it is ever lost, stolen, or damaged. Before buying additional insurance, call an appraiser to have a good idea of what your items are worth. Once you have that information, you will be able to purchase sufficient coverage.

Create a Home Inventory

To improve your chances of getting the right amount of insurance, create a home inventory that contains all of the items in your home, including your valuables. In addition to creating a written list, you should also create a video list. This should show all sides of each item so that its general condition can be seen. If possible, take pictures of the serial numbers as well. It’s also a good idea to include videos of the inside and outside of your home and any appliances.

Find the Right Insurance Coverage

Once you have your inventory lists in hand, visit your insurance agent. They will help you find the right coverage for your home and belongings. In addition to the traditional homeowners policy, they will also help you determine how much coverage you will need to include to protect your other valuables. You may be able to buy one policy or, if you have several types of valuables, you may need one policy for each.

Document Everything!

Make sure to keep any documentation you may have on your valuables. This can include certificates of authenticity, appraiser’s reports, bills of sale, or photographs of each item that show intricate details. Documentation is everything if you are trying to prove value when filing a claim against your insurance. Keep your documents in a safe place like a lockbox or small, fireproof safe.

Get the Peace of Mind You Need

When you own valuable items, you want peace of mind knowing that you are fully protected. By purchasing a supplemental policy, you can have that peace of mind knowing that you have what you need to be compensated for any loss you may incur. Your insurer understands how important it is to know that your valuables are secure and fully covered.

If you have different types of valuables that are worth far more than similar items, you will want to talk to your agent about purchasing supplemental insurance. Contact our reputable agents at Pittman Insurance Group today to get the information you need. Your peace of mind is important, and we will help you get it!

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