Many people have personal items that would be difficult to replace, not just for the sentimental value but also for the cost. Homeowners insurance will often cover a portion of your belongings, but many policies have limits that won’t be able to replace valuables. There are several things to know about insuring valuables with a separate policy or endorsement on your home insurance.
Your homeowners’ insurance will cover the destruction or loss of the items in the home, but the policy may not have a limit high enough to address the expenses of your valuables. Know what your policy includes and where coverage ends.
Classifications of Belongings
If you are going to schedule a personal property endorsement, it is very important that you fully document all the items you will be including. Have a formal appraisal done for things like jewelry and art. You will need the specific details of jewelry, such as clarity, carat, color and other identifying marks for the best coverage.
It is important that you continually revisit your insurance policy to make sure there is enough coverage for your valuables and lifestyle. Adding to your belongings or selling them may cause the insurance needs to change.
Too little insurance may mean your valuables won’t be replaced if lost, stolen or damaged. Check with your broker about complete coverage for the things you hold dear.