High Value Coverage Is a Must!
Valuable items insurance-homeowners.
Insurance policies for home owners usually don’t provide the much-desired coverage for all valuable items as you may think. These policies rather provide no coverage or limited coverage for some things which are of high value – stolen or spoiled.
Majority of homeowners policies don’t cover items that exceed $1500 if the resulting loss has resulted from theft. This helps maintain the affordability of the policies for the homeowners. Hence if you lose items valued at $2500, you will get only $1000 from the insurer to replace your stolen items.
For high-value coverage, there is an insurance endorsement. It requires additional premiums which protect you from losing very valuable items such as antiques, jewelry, furs and other collections.
Below are tips that will guide you in deciding if you need coverage of expensive items.
Understand your insurance policy.
An insurance policy is a contract between you and your insurer. The policy states how much you will be compensated if you lose items of high value or if they get damaged. Ensure you understand every detail in your insurance policy because some items may not be covered. This will help you to know if the coverage is well suited to your needs.
Appraise your valuables.
Appraising your items will help you determine their right value. Appraisal thus will help you decide if you need an additional insurance cover for all your items as some may not be covered.
Some items may require the assistance of professional in determining their value. Such items include jewelry and collectibles. Appraising your items periodically will come handy in determining their value-if it changes to help in making right decisions.
Prepare an inventory of your valuables.
To make a buy decision. First, you must know what you exactly have in your possession. Prepare an inventory to take your stock and do not forget to check the weird places like basements for valuable items which may have been stored there. Record all the items in your possession including copies of the receipts and those of appraisals as this will come handy if the need 0f filing a claim arises.
Know the crime rate of your community.
Communities with high crime rate call for additional coverage for the protection of your items. Police usually have the statistics of crimes and thus this information can be shared and they can always help you with burglary trends if you ask. You can upgrade your security by installing security alarms. The alarms can also be installed in the safes thus qualifying you for insurance discounts.
Take stock of your electronic equipment.
The modern world has rapidly become high-tech. Electronic gadgets are now used to perform daily jobs and to make connections between people. Electronic equipment has been developed and others are being developed to help enhance our lives. It is thus important to ensure the homeowners policy covers the loss of all the electronic gadgets.
Secure your valuables.
All valuable items you own need to be insured. Thus to ensure your valuable items, discuss with your agent to understand the policy before you make the purchase and decide on additional coverage. This decision will arrive after you know the limits and exclusions of the homeowner policy.
Contact Best Insurance to make sure your expensive valuables are covered. We can help!