Over a lifetime, most of us tend to acquire valuable items. You may believe that your homeowners policy will cover the cost of replacing these items, but in some cases, you need to purchase valuable items insurance to protect against losses. Some insurance carriers allow you to add valuable items as a separate coverage to the policy called scheduled personal property, while others require a separate valuable items policy. People love to collect, whether it is baseball cards, jewelry, art, glass, or something even more individual such as snuff boxes, plates, or figurines.
Homeowners insurance covers the contents of your home – but are these valuable items included? Homeowners insurance covers items such as furniture, clothing, electronics, and other normal household goods. Your specialized valuable collections will probably not be considered “typical household goods.” Some policies will include specific valuable items, but only up to a very small amount. To properly protect these collectibles, valuable items insurance should be put in place that names the specific collection or item, with a replacement value.
Items such as expensive pieces of jewelry may need to be covered separately, as your homeowners policy has a set limit of what will be paid out for stolen jewelry. Your pieces, whether they are vintage, antique, or custom, may cost far more than your policy limits to replace. Jewelry can be lost in unexpected ways, such as falling off while swimming, never to be found, or a valuable gemstone falling from a ring. Wouldn’t it be good to be confident that your valuable items insurance would pay out for these types of incidents?
Firearms are another category of valuable property that often have very limited coverage under a standard homeowners policy. While your policy may provide some protection for guns, many policies cap coverage for theft or loss at a relatively low amount. For collectors, sportsmen, or anyone who owns multiple firearms or custom pieces, that limit may fall well short of the cost to replace them.
Firearms can also be vulnerable to a variety of losses — including theft, fire, accidental damage, or loss while traveling. Specialized valuable items insurance or scheduled property coverage allows firearms to be insured for their full value, often with broader protection and fewer exclusions than a standard homeowners policy provides.
If you own firearms that would be difficult or costly to replace, it’s worth reviewing how they are currently insured. Properly scheduling firearms ensures that you’re not relying on limited homeowners coverage if the unexpected happens.
Whether you lose a valuable item through burglary, robbery, or loss, you want to be confident that you have the right valuable items insurance policy. At F.A. Peabody Insurance in Maine, we can help. Call us to discuss your collectibles, jewelry, art, or other valuable pieces that must be separately covered. If you are unsure, one of our friendly team members will be happy to review your current policy to determine if you are adequately protected. As we live and work right here in Maine, we are always easy to contact when you need help. Call today!
