We’ve all heard Beyoncé’s 2008 hit “Single Ladies”: “If you like it, then you should’ve put a ring on it.” We like to say, “If you like it, then you should’ve put insurance on it!” Whether you are planning a sweet proposal or buying a new piece of art for your home, you will want to protect your valuable item from accidental losses, damages, or theft.
While most homeowners and renters insurance policies do cover big-ticket items such as jewelry, they have a relatively low limit of how much they will pay to replace a single item. Generally, a standard policy will cover up to about $1,500 for single item. Therefore, if you get a more expensive item such as an engagement ring or an antique, you might not get the full amount you would need to replace or repair the item. That’s where valuable items insurance steps in.
Valuable items insurance can cover many types of losses, including those your homeowners or renters insurance policy would not cover. If your ring slips off your finger down the kitchen sink or you leave your expensive watch in a hotel room, valuable items insurance would cover it. A homeowners or renters insurance policy often won’t cover loss or damage to jewelry that you wear outside of your home, while a valuable items policy will.
Before getting a valuable items insurance policy, we recommend that you get your item professionally appraised. Kamm Insurance Group would be happy to help you find a reputable appraisal firm in the Chicago area. After having your items appraised, we will have a better idea of how much protection you will need for your items. Contact us to speak with one of our experienced personal lines advisors!
Source: https://www.iii.org/article/floaters-and-endorsements-special-coverage-valuables
