Have you recently received any new high-value items such as collectibles or jewelry for Christmas, Valentine’s Day, or even your birthday? If so, you’ll want to keep your gifts safe and secure for the long run. That’s where high-value item insurance is a necessity – it protects and covers expensive items in case something happens to them. Here’s how you can get started today:
Always schedule your items to be insured.
Be proactive, and contact your insurance agent each and every time you add an expensive item to your home. If a valuable item gets lost, stolen, or damaged, you’ll have to pay out of pocket to replace or fix it. However, when you have an expensive item covered through high-value item insurance, the cost to repair or replace it is covered by your policy when unfortunate circumstances happen.
What are some of the most common items stolen?
Some of the most commonly stolen items in America include furs, jewelry, and precious metals with only a small percentage of them actually recovered. If such an item is taken from your home, you’d be at a major loss. Homeowners insurance can cover the cost of damages to your home and its structure after a burglary but doesn’t necessarily cover all of the items in it – especially the more valuable ones.
Plus, theft of high-value items doesn’t just have to occur at home. Anywhere you bring these valuables puts them at a risk for loss. Just last year, a bride had expensive items and gifts taken from her hotel right before the wedding day, and she didn’t have the proper coverage which put her at a total loss; we’d hate to see that happen to any of our customers.
Losses can also occur because of accidents or mistakes as well and aren’t always caused by theft or other outside factors. A loose earring could fall off while wearing it, or items can fall out of backpacks, and even go missing during transport. Sure, a good samaritan may try to recover the item to its rightful owner, but the chances of you recovering the lost item are usually very slim to none.
How does high-value item insurance work?
High-value item insurance works with your homeowner’s insurance policy through a writer’s endorsement. Depending on your insurance carrier, some high-value items can’t always be endorsed. Therefore, a separate policy, commonly called a floater policy, is put in place to ensure that your item is covered in the event something occurs.
High-value items such as jewelry, watches, furs, artwork, collectibles, stamps, and other types of expensive personal property must go through an appraisal process to guarantee the item’s true value. This helps to ensure you aren’t paying too much or too little on your insurance policy.
Additionally, once the appraisal process is complete, your high-value item insurance policy will include a very detailed description, the type of the item, and a picture of it.
Anything can happen that is completely out of your control, and if you don’t have the proper protection, your prized possessions will become a total loss.
Contact one of our licensed insurance agents to get your valuables protected through high-value item insurance today!