You don’t have to be a millionaire to have high value assets. Perhaps you own fine jewelry, a grand piano or a prized collection? Your keepsakes with high monetary value — family heirlooms and other personal belongings — are important to you.
Owning expensive things can be enjoyable for you and your family but also carries some risk. To protect what you own, it is necessary to understand what coverage your homeowners insurance offers for your high value property.
Standard homeowners insurance often has limits on the amount of coverage available for valuable property. If you own things that would be expensive to replace, your homeowners insurance may not provide the full coverage you need to pay for costly replacement items. Limitations can apply to individual items and categories of items. When the value of a collection is high, additional high value assets insurance can be needed to adequately cover its worth.
How High Value Assets Insurance Can Benefit You
While standard homeowners insurance has limits on the amount of coverage available for individual personal items, your policy can be tailored to cover your high value property. High value assets insurance can protect your valuable personal property in ways that standard homeowners insurance cannot. Coverage for high value assets can be provided for all risks, including breakage and theft.
It is important to understand the full value of items and protect what you own. High value assets insurance can be used to provide full coverage for a wide range of items, including:
- Collections: stamps, coins, wine, figurines
- Fine jewelry, watches
- Firearms, guns
- Golf equipment
- Musical instruments
- Silver, silverware
Many people own valuable property and are unaware of just how much it is worth. Maybe you did not even purchase your keepsakes; they were inherited or given to you. Even if you purchased a valuable item, its value can fluctuate over time. A credible appraiser can be helpful. Although some cost is involved with a formal appraisal, this can be money well spent for any serious collector.
A thorough and accurate assessment of your valuable property today can make handling a claim a much more efficient process should the need ever arise. First, compile a list of all of your valuable possessions. Make a detailed list of everything valuable you own, take photographs of the items and store the list somewhere outside of your home in a safe deposit box or at a friend or relative’s residence.
Record all valuable items as you go through your part of your house room to room, including the basement and garage. List the name of the item and a description as well as brand name if applicable, the date purchased and any appraisals. This same process can also be used to provide an overall home inventory for your regular homeowners insurance that includes more standard possessions.
Once you have completed your home inventory taking note of high value items, a yearly assessment can update changes in your possessions and their value. Updated information about your possessions can keep your high value asset coverage fitted to your changing needs.
Insurance Protection Brings Peace of Mind
High value assets insurance offers coverage when broader protection is required. It can be reassuring to know that your most valuable possessions have full coverage in the event of unexpected loss due to fire, theft or damage.
Learn More about How to Protect Your Valuable Property
Don’t make assumptions about how your high value assets are insured. Contact us today to assess your high value asset risk and form a comprehensive insurance plan. Our greatest priority is to make sure that you have the right insurance coverage for all of your property.