Tips for properly insuring your valuables

Tips for properly insuring your valuables
 

 
The importance given to personal possessions is measured by both the sentimental value and the monetary value of the property in question. You may have in your possession certain items from an heirloom or a gift from a loved one or perhaps because you had the luck (or the flair) to unearth a real piece of antiques. at the local flea market! Whatever the reason, now is the time to take stock and determine whether these possessions or other valuables warrant additional insurance.

The regular homeowners, renters or co-owners insurance policy generally includes coverage for personal property such as jewelry and other valuables, but this coverage could be limited to a fraction of their current value.

There are two ways to extend the protection of your valuables, either by increasing the limit of personal property coverage included in your insurance policy, or by obtaining more extensive protection through floating insurance or by '' an endorsement listing each item, whether it is a unique piece of antique or an art or wine collection.

Adding separate coverage may increase the premium, but this more extensive coverage helps cover situations that are not generally included in homeowners' insurance policies, including accidental damage, breakage, damage caused. to fragile items and unexplained disappearance.

Here are some tips to make sure your valuables are adequately protected:

Contact your insurance broker to find out what items you have in your possession that may require additional insurance, and to determine the amount of coverage currently included in your insurance policy.
Have your valuables appraised by a designated expert to ensure that the additional coverage purchased will be sufficient to cover a loss. The amount of the premium will be established according to the value estimated by the experts.
Make a detailed inventory of all valuables insured separately, including invoices, a visual record of each item as well as any other document establishing the provenance of antiques and other collector's items. This will document any loss and expedite the processing of complaints.
Store your valuables in a safe place in your home. If the item is not used regularly or if you keep it to give to someone else, it would be best to store it in a safe. Thanks to this additional protection, the premium will be lower. If you wish to use this property for a specific occasion, the insurance company can provide you with additional insurance for the period in question at an additional cost. However, you must notify the insurance company in advance.
Do not store your art objects or rugs in the basement or attic of your home, as these are the places that experience the biggest temperature fluctuations and are most likely to be exposed to leaks. or flooding.
Consider keeping your jewelry in a double-bottomed container. These containers are designed to look like ordinary household items, such as food boxes. It is best not to keep valuable jewelry in the bedroom or in a jewelry box, as this is the first place a thief will check after entering the house.