All insurance policies have sublimits for jewelry (ie. starting at $500) and other high value items. You should always schedule your high value items on your insurance policy to insure these items for the appraised value. Otherwise you could be underinsured and recover only get the sublimit coverage (ie. $500) if you have a loss. Most policyholders find out too late when they have a loss so be prepared and keep your insurance policy updated. Call us at 281-558-2210 or email us today at email@example.com
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High value items above $500 may need to be listed on your policy for coverage.
What kind of property may have a coverage sublimit?
Here are some categories that may have sublimits on your insurance policy. The reason there is a sublimit is so carriers can price your home insurance accordingly. You will want to consider a special endorsement or policy for Valuable Items or Personal Articles:
- 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 us.
A Valuable Items or Personal Articles 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 could 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!
Scheduling your property
Once you've contacted us to begin Valuable Items or Personal Articles 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. You may want to photograph each piece in your collection and store the photos in a safe place as part of your home inventory. If your entire collection is stolen or damaged, it will be easy to remember each item for your claim report.
To insure your high value items is worth the cost. For example, a ring valued at $10,000 may cost roughly $100/year to insure. Please contact us at firstname.lastname@example.org or phone 281-558-2210 to discuss adding coverage for your high value items.
Suzanne Brown Insurance Agency
A Texas Independent Insurance Agency with over 40 insurance carriers