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Are your high-value items covered?

What do your grandma’s engagement ring, Mickey Mantle’s rookie baseball card and the painting your wealthy uncle bought at a Christie’s auction have in common? They’re all rare and valuable, and that means they need to be insured.

Homeowners and renters insurance cover your personal property. But even if your policy’s overall limit covers everything you own, it might have sublimits that don’t fully cover specific, high-value items.

So what should you do?

Eligible Items

First, determine if you need extra insurance. You might if you own:

  • Precious jewelry
  • Fine art
  • Musical instruments
  • Rare postage stamps and coins
  • Sports memorabilia
  • Fine china and silverware
  • High-end electronics
  • Other antiques and collectibles

Riders and Scheduled Coverage

To make sure your items are fully insured, you can buy additional insurance called a “rider” or “scheduled coverage” to supplement your homeowners or renters policy. What do you get for your extra premium dollars?

Riders for valuable items cover theft and other perils, just like your homeowners or renters policy does. These riders can also cover what’s called “mysterious disappearance,” which is a great thing to have if you’re the forgetful type.

These policies may also provide replacement cost coverage even when your regular policy only provides cash value coverage. Tip: Keep receipts and appraisals in a safe place to prove the cost of any lost, stolen or damaged valuables.

Costs and Benefits 

This additional insurance will probably have a much lower deductible than your underlying policy, but it’s up to you to decide if the extra cost is worth it.

Need some guidance? Reach out anytime to make sure you’re not taking on unnecessary risk.