PRIVATE CLIENT
The Hidden Gap in Homeowners Insurance
Protecting High-Value Items
Some possessions are more than just things—they hold deep personal significance, like artwork collected on a trip to Italy, vintage jewelry passed down from your grandmother, or a cherished wine collection. While these items are priceless in sentiment, it's crucial to safeguard their financial worth, too. Homeowners' policies might cover valuable property, but they often fall short regarding high-value pieces or collections that can be lost, stolen, or damaged.
That's why we want to help clients understand their options and protect their valuables. Let’s review some essential tips and discuss why certain carriers might be a stronger option than others.
Valuable Articles Insurance – the Missing Piece of the Coverage Puzzle
Homeowners insurance typically covers your home and its contents, but coverage for specific high-value items is limited. Valuable Articles insurance takes your coverage a step further.
Valuable Articles insurance for collectibles offers comprehensive protection for your prized possessions. This policy often provides worldwide coverage, ensuring you're protected if you lose a cherished ring on vacation or it gets stolen from a hotel safe. In the event of damage or loss, flexible claims options allow you to replace, repair, or receive a cash payout for the item. Additionally, market value protection typically includes up to 150% of the item's value, safeguarding against market increases that might affect the value of your possessions.
To Ensure Your Valuables Are Well-Protected, Consider These Insurance and Security Tips
1. Decide on Your Coverage Approach
Depending on your insurance strategy, you might have blanket coverage, which covers all your items as a group, with a maximum limit per item. On the other hand, you could opt for scheduled coverage, which involves individually listing each item to ensure specific coverage. Your insurance advisor can help you decide which approach is right for you.
2. Document Your Valuables
Maintain a comprehensive list of your valuable items, including photos, receipts, and appraisal documentation. This documentation is vital when you file a claim for a valuable item.
3. Take Security Precautions
Some policies offer a discount when you take security measures like investing in a reliable alarm system, using safes to store jewelry and other valuables, and installing security cameras.
4. Store Your Items Properly
Proper storage can also impact coverage, so keep jewelry in secure, fire-resistant safes, protect fine art from excessive light and humidity, and store wine in a climate-controlled environment.
5. Get Regular Valuation Checks
How much are your items worth today? Connect with an appraiser to ensure your valuation is correct and updated. Remember to adjust your coverage based on significant market fluctuations or major events that affect item values – like a sudden rise in popularity for a particular artist.
Work with a Specialized Carrier to Protect Your Valuables
Work with a Specialized Carrier to Protect Your Valuables
Not every insurance carrier has the know-how to manage your high-value items or collections. High-net-worth carriers often provide additional services, including:
- Consultations with Experts Access to fine art and jewelry experts.
- Appraisal Scheduling Arrangements for professional appraisals.
- Security Vendor Recommendations Suggestions for reliable security solutions.
- Residential Vulnerability Assessments Evaluations to enhance your home’s security.
- Art Schedule Reviews and Shipping Guidance Assistance with art logistics and safe transportation.
These carriers are also known for their efficient claims process, offering timely settlements and a streamlined loss adjustment process so you receive compensation quickly when needed.
If you want to ensure your valuable personal property is protected, contact me at Marr.Mansfield@thinkCCIG.com to discuss your coverage options.