Valuable Items Coverage is a specialized insurance plan that is used in addition to typical homeowners’ insurance, and is used to protect valuable items within your home: items such as wedding rings, antique jewelry, or expensive china. While most homeowners’ policies have limits on how much will be paid out in the event of a claim, a Valuable Item Plan will provide the coverage you need for these items if they are lost or damaged through theft, accident, or natural disaster. Protecting valuable items with insurance is common, and many people understand the importance of this. But far fewer understand the way this specific type of insurance works. When you need insurance coverage for your special possessions, be sure to contact Snyder Insurance to handle all of your questions and to address any and all concerns you may have. Whether you know exactly what you want or you aren’t sure how to even begin, we are here to help!
How Scheduled Jewelry & Valuable Items Insurance Works
Protecting Valuable Items With Insurance
There is a wide range of reasons to get this type of coverage. Questions most homeowners have include:
When would I need this type of coverage? – It is used in the event something valuable, like your diamond wedding ring, is lost or stolen or damaged.
What can be covered? – Typically, it is reserved for high-end items that cost a good deal of money and that need additional coverage beyond homeowners’ protection.
How does the reimbursement process work? – Generally, the amounts listed in the terms of the policy will be paid out after a successful claim is filed for the item.
When would a valuable items policy be needed? – If you have a single valuable item, a limited policy will work. Or if there are many items, a broader plan can work.
The reason many people choose to get this coverage is that homeowners insurance has a very limited and fixed price on what it will payout to cover the theft of items. For example, jewelry or furs may typically only get you $1,000 back under homeowners’ policy. Firearms typically max out at $2,000, and silverware generally is in this same range, as well. Optional add-on coverage to the homeowners’ policy can give you additional coverage for these items, in amounts that can go up to $10,000 or even $50,000 per item.
Expanded protection is also available in many cases for special property. This usually provides most homeowners with enough coverage, and gives them peace of mind. Protecting high-value items with insurance is critical, especially if you have a sizable amount, such as a collection of rings or jewelry, where each piece is valued at over $10,000. It is easy to see why Valuable Item Insurance is needed at times. A Snyder Insurance, we offer insurance coverage for your special possessions. So give us a call, and let us show you the best options for your unique needs.
What Kind Of Property Can Be Covered?
Many different items can be included in the Valuable Items listing for a policy. Some of the most commonly included are:
- Cameras and equipment, especially professional cameras and equipment
- China, crystal, and other similar collectible fine items
- Coins, gold, silver, bullion, both old and new
- Firearms of any kind
- Furs and other similar items
- Golfer’s equipment such as clubs, shoes, and supplies
- Jewelry like rings, gemstones, gold and silver
- Musical instruments, especially collectibles, antiques, and signed items
- Computers, laptops, desktops and other devices and technology
- Stamps, both rare and current ones for future collecting
- Silverware sets of fine silver
- Works of art, particularly those that are rare, historic, or valuable
If you own something that is of value but not included in this list, contact a Snyder Insurance expert. A Snyder agent can determine what kind of coverage you should have for your valued possessions. We here at Snyder Insurance understand that protecting valuable items with insurance is paramount. We will help you select the right amount of coverage!
Scheduling Your Property
As part of setting up your policy, you will be asked to give the insurance provider a detailed list of the things that will be covered under the plan. You should list out everything you want covered. For example: your golf clubs and their maker(s), china collections, and fine art. Some items don’t need to be individually listed out, and can be covered under a blanket policy. Every piece of jewelry might not need to be listed, if no single piece is worth more than a set amount. In cases like these, all of it can be covered under a blanket policy agreement. This list, or “schedule,” should include things like the appraised value of the items, how long you have had them, where they are stored or how often they are used, and any other specific the insurance provider requires.
The detailed listing will be kept with your policy, and the final premium will be based on how much everything is valued when you are finished scheduling. Though it is typically not a requirement for coverage, many homeowners take photos of their items. This is especially true of collections where a photo of each item can help a lot down the road, if the collection is stolen or damaged and needs to be replaced.
Loss Settlements And Claims
Since items that may be included on this type of policy can range from guns to jewelry to sports equipment, losses are settled differently. They will largely depend on the type of item that was covered. For jewelry and fine art, if the item is stolen or completely destroyed you will likely be refunded the full appraisal value it was insured for when you listed it on the policy. Other items might not have a fixed value at the time of insurance policy activation. In these cases, their appraised value will be determined at the time of the claim. For example, a computer that was covered will be replaced with one of equal value and age. You can be reimbursed for either:
- The actual cash value appraised for the items, or
- The cost to reasonably repair the items, or
- The cost to replace with as close to an identical item as possible, or
- The applicable amount based on listed appraisal,
The reimbursement will be determined upon whichever of these is less.
You are investing in the future with many of your purchases, especially those that are high value. So protecting valuable items with insurance is something that must not be avoided or overlooked. Snyder Insurance has decades of experience dealing with Valuable Items Coverage, and can help you make sense of it all. We can help with insurance coverage for your special possessions!