Bling Bling - Get your high value purchases scheduled on your insurance policy.
Since most insurance policies have sublimits for jewelry (ie. starting at $500) and other high value items, you should always schedule ( ie. list) your high value items on your insurance policy to insure these items for the appraised value. Otherwise you only get sublimit (ie. $500) if you have a loss. If you do not schedule your high value items you will not be insured for these items. Most policyholders find out too late when they have a loss so get prepared.
What kind of property can be covered?
Many different types of possessions can be accommodated by the Valuable Items policy. Here's a quick listing of some of the items typically covered:
- cameras (video or still) and related equipment
- china and crystal
- coins (rare and current)
- golfer's equipment
- musical instruments
- personal computers
- stamps (rare and current)
- works of fine art, including paintings, etchings, pictures and other bona fide works of art (such as oriental rugs, statuary, rare books, manuscripts and bric-a-brac) of rarity, historical value or artistic merit.
If you own something of value that is not listed above, it may still be eligible for coverage. You may want to discuss this with your local, independent agent or a Travelers representative.
A Valuable Items policy allows you to purchase better protection for your special property than would be available under the typical homeowners policy. In addition to being able to purchase higher limits of coverage, more perils are covered, and you receive worldwide coverage, including protection against mysterious disappearance. (Please be aware, however, that fine arts are only covered within the United States and Canada.) The policy also may be expanded to include loss due to breakage, something that is not available under the terms of a homeowners policy. That means, if you accidentally break something of a delicate or fragile nature, you're automatically covered! Although no deductibles apply to many types of losses, a $100 deductible may be applied to breakage caused by certain perils.
Scheduling your property
Once you've contacted us to begin Valuable Items coverage, you will be asked to list all the items that you'd like to insure. Smaller items, in many cases, need not be listed individually and what is called "blanket" coverage may be required. This list, or "schedule," would include a detailed description of each item and the appraised value. In some instances, a copy of a current appraisal, conducted within the past three years, may also be required. This detailed schedule is attached to your policy. Your premium is then based on the total amount for which your special property is valued.
Though it isn't required for your policy, you may want to photograph each piece in your collection and store the photos in a safe place. If your entire collection is stolen or damaged, it will be easy to remember each item for your claim report.
Newly acquired property
Your Valuable Items policy automatically insures most newly purchased possessions up to 25% of the total amount of insurance already scheduled (or $10,000, whichever is less ) for up to 30 days from the date of acquisition. In the case of fine arts, you have up to 90 days to notify your agent. The benefit: you don't have to worry about insuring your new item the moment you receive it. However, because this automatic coverage is only good for a short time, don't wait too long, you might forget later!
Let's say that you purchase an expensive new lens to add to your currently insured camera collection. One day later, and before you have had a chance to ask your agent to add it to your policy, your camera and new lens is stolen. With a Valuable Items policy, both items are covered!
Since items of this nature vary so widely, losses are settled differently, depending on the type of property insured. For jewelry and fine arts, in the case of a total loss to a scheduled, appraised item, you are reimbursed for the agreed value shown on your policy.
For other classes of property on the policy (such as furs, silverware, cameras, and personal computers) the value is not already agreed upon, and the value of your property will be determined at the time of the loss. You will then be reimbursed for either the:
- actual cash value of your property, or
- cost to reasonably repair your property to it's previous condition, or
- cost to replace your property with a substantially identical item, or
- the applicable amount of insurance.
- whichever of these is less.
You should read your policy for the exact loss settlement provisions.
Loss to a pair or set coverage
Should you lose a jewelry or fine art item that belongs to a pair or set, you'll receive the full amount for the complete pair or set as long as you agree to return the remaining parts to your insurer. Slightly different options may exist for lost pairs or sets of other types of property. You should read your policy for the exact loss settlement provisions.
The best precaution is prevention
In addition to insurance and depending on the value of your property, certain security measures for your residence, such as an alarm system, may be required.
Please contact us to get a quote for your high value items. If you do not list them eyou will not be insured for full value. Let's discuss your coverage. Call Suzanne Brown at 713-899-4561 or Suzanne@SuzanneBrownAgency.com.