It’s a common misconception that a homeowners’ insurance policy provides adequate coverage for all of your valuable personable belongings. Most policies provide only limited coverage for valuable items that are damaged or stolen. For example, a typical homeowners’ policy will include a $1,000 to $1,500 coverage amount for jewelry. If jewelry valued at over $1,500 is stolen, the homeowner will have to pay out of pocket for any costs associated with replacing it over the $1,500 allotted amount. For those with valuables that aren’t covered by a typical homeowners’ insurance policy, investing in a valuable items insurance policy can be a great way to provide additional coverage.
At Unity Insurance, we want to help ensure that all aspects of your life are protected, especially your personal valuables. Here, our insurance professionals provide a few tips to help you decide if valuable items insurance makes sense for you.
Review Your Current Policy
The first step in determining whether or not additional coverage would be beneficial is to carefully review your current coverage to identify how much your policy will compensate you in the event that your valuables are damaged or stolen. It is also important to understand that some items may not be covered under your current policy at all. Carefully reviewing the details of your policy will help to determine if your current coverage is meeting your needs.
Get an Appraisal on Your Valuables
Having an experienced individual appraise your valuables will provide greater insight into whether or not you need additional coverage. It is not uncommon for items to gain value over time, and in many cases, people have possessions that are worth more than they think. An official appraisal can help you decide if your homeowners’ insurance policy adequately covers the full value of your property.
Create a Home Inventory
It may be difficult to know whether or not you need additional coverage until you fully determine the amount of valuable items you have in your home. Make a comprehensive list of antiques, collectibles, valuables and electronics. Be sure to include any technology or high-end electronics that you use to complete your daily job or other household tasks. Creating an inventory will not only help you to keep track of items that may be otherwise be stored away but also to get a better sense of the value of these items.
Protect your Valuable Items with Unity Insurance
Even if protecting your valuables may not seem like the main priority, it is important coverage to consider due to the inadequacy of most typical homeowners’ insurance policies. Most policies may not fully cover damaged or stolen possessions, and in some cases, a homeowners’ policy may not cover certain items at all. Through a strategic alliance with Heller Kowitz Insurance Advisors, Unity Insurance can offer competitive rates and excellent coverage. We stand ready to look into your specific situation and find the best coverage for you and your valuables. Call us at 410-539-6642 to get started.