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If you own items that you think would catch the eye of appraisers on "Antiques Roadshow," make sure you've got the proper insurance to protect your investment.
Insurance for especially valuable items -- musical instruments, furs, jewelry, antiques, collectibles, wine and fine art -- is not just a good idea, it's a necessity. That's because a regular home-insurance policy, which covers your personal property, has limits on how much it will pay for certain kinds of pricey items. A prime example is the limit of liability for the theft of jewelry. To keep coverage affordable because jewelry can be easily stolen, the standard policy has a relatively low limit of liability for theft, generally $1,500.
If you want to make sure that your valuables are covered, you'll need to make special mention of them when you buy your home insurance. You'll probably have to take out a separate rider for items like the ones we're talking about here. That might mean you'll pay a bit more for your policy. But it also means you won't be as sorry if anything happens to your treasures.
In general, if you have any one item or a collection of items that is worth more than $2,500, you should mention it to your insurance agent when you buy the policy. The threshold of value will differ from company to company and from policy to policy.
If you have a collection of fine items of less-substantial value, it might make sense to buy blanket coverage for them. Categories for this kind of coverage vary, but they generally include jewelry, fine art, silverware, cameras, musical instruments, furs, wine, stamps, coins and collectibles. Provided that no one piece of your collection is worth more than $2,500, blanket coverage may be the way to go.
If you want to insure something valued at more than $50,000, you'll have to hire an appraiser to document its value and schedule each piece or item separately.
Though scheduling can cost more in premiums, it offers borader protection because the coverage protects you against loss of any type, including accidental losses - such as dropping your ring down the drain of the kitchen sink, or leaving an expensive watch in a hotel room - things your homeowners policy definitely would not cover. Listing valuables separately effectively will settle the loss before it occurs: If the insurance company has documentation proving that your antique armoire was worth $55,000 and the armoire burns in a fire, your dollar figure is already set, and you'll avoid haggling with claims adjusters.
To find out more about Valuable Items coverage, please give Insurance by Allied Brokers a call today and speak with one of our agents. We can put together a policy that include coverage for the valuable items you treasure.
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