Protect Your Valuables: A Practical Guide to Covering High-Value Items
Do you know if your high-value items are fully protected by your homeowners insurance? Many people assume their standard policy covers everything, but items like jewelry, fine art, or electronics often have limited coverage. Here’s how to make sure you’re fully protected—and avoid a costly surprise.
Steps to Protect Your Valuables
1. Identify What Needs Extra Coverage
Start by identifying the items in your home that are high in value or irreplaceable. Think engagement rings, expensive watches, artwork, and high-end electronics.
Tip: Look at categories with typical insurance sub-limits. Jewelry often has a theft limit of $1,500, which isn’t enough for most valuable pieces.
2. Check Your Policy Limits
Review your current homeowners policy to understand the limits for different categories of personal property. For example, some carriers offer:
• Jewelry coverage up to $1,500 (theft limit)
• Electronics typically covered under general personal property limits
• Fine art often requires scheduling for full protection
Each carrier has different guidelines. If you’re insured with Travelers, Safeco, Auto-Owners, Hanover, Nationwide, National General, Foremost, or Progressive, we can help find information on your coverage limits. Contact us to find out!
3. Get an Appraisal
To ensure adequate coverage, you’ll need to know the exact value of your items. Most insurance companies require an appraisal for items like jewelry, art, or collectibles. Keep these appraisals updated every few years.
Tip: Many jewelers provide free or low-cost appraisals when you buy a high-value piece.
4. Schedule Your High-Value Items or Add a Personal Articles Floater
Work with your insurance agent to add extra coverage. Scheduled items or a Personal Articles Floater will cover these valuables for their full value and often include broader protections, like accidental damage or mysterious disappearance.
5. Update Your Coverage Regularly
Major life changes, new purchases, or rising market values mean it’s essential to update your policy every year. Whether it’s a new engagement ring or an inherited piece of art, make sure it’s covered before something happens.
Why Act Now?
The worst time to discover a coverage gap is after a loss. By taking these steps today, you can avoid a major financial setback and ensure peace of mind.
Want personalized advice? Contact us for a policy review, and we’ll help you protect what matters most—before it’s too late.
