Insuring Your Holiday Gifts
With all those new gifts you got for the holidays, particularly the valuable ones, you are probably wondering how best to insure them. Your regular homeowner’s policy most likely has a limit on the dollar amount that can be recovered, which is where valuable insurance comes in. Here is some information about valuable item insurance and why it might be a good idea for you.
When would valuable items coverage be needed?
This type of insurance would be needed if you have valuable items that you want to protect that are not covered under your ordinary homeowner’s insurance. If that antique statue you have gets knocked over and broken, or if the stone falls out of your diamond ring while on vacation, it may not be covered under your regular homeowner’s policy. You can get expanded coverage for your special items, but if you own extremely valuable things, then even that may not be enough coverage, and you may want to look into a separate Valuable Items policy.
What items can be covered with Valuable Item insurance?
You should check with your local agent to see if your valuable item can get the right coverage but some items typically covered under a Valuable Item policy include:
- China and crystal
- Firearms
- Jewelry
- Musical instruments
- Personal computers
- Works of fine art (like paintings, statues, rugs, rare books, etc.)
- Furs
- Cameras and equipment
- Golf equipment
- Stamps (current and antique/rare)
- Coins (current and antique/rare)
What happens when you make a claim?
If a valuable item is lost or damaged, the losses are settled differently depending on the item. For items that you have had appraised (typically jewelry or fine art) you are reimbursed for the agreed amount. For other items that have not been appraised, the value of the item will be determined at the time of loss, and you will be reimbursed for whichever is less out of these options:
- The actual cash value
- The cost to repair the item to its previous condition
- The cost to replace it with a similar item
- The applicable amount of insurance
The Scautub Agency in Scotia is here for all of your homeowner’s insurance needs in New York. Let us protect your home and your items with great policies today. Do not forget to protect your new holiday gifts with scheduled insurance. Give your valuables the protection they deserve, contact us today!