Tom's Blog
Receiving a gift of jewelry or being handed down a rare coin collection from your uncle is priceless; however, if something happens to these valuable pieces, from theft or loss, you could be left with a costly price tag if you don’t have the right type of coverage to protect your valuables. Are your valuables covered?
This Happens All the Time
You go on vacation, but decide to leave your irreplaceable, expensive jewelry pieces at home because you are afraid of either losing them or having them stolen. When you return home, you find that your home has been broken into, ransacked, and ALL of your jewelry stolen! Your diamond anniversary ring, grandmother’s emerald necklace, and a designer watch you saved up for in the amount of $7500, amongst many other fine pieces, are gone leaving you violated and devastated. The total cost of all these valuables probably has an estimated worth of $35,000.
After making a phone call to your insurance company to file this claim under your N.C. homeowners policy, you are told that jewelry and other valuable personal belongings are covered for theft, but only up to specific limitations that in no way comes close to the value of your jewelry that has been stolen.
Scheduled Personal Property Endorsement
Standard N.C. homeowners insurance policies do provide coverage for valuables from theft or loss, but only up to specified limits of coverage. However, if you do have fine pieces of jewelry, a rare stamp collection, or expensive firearms, to name a few, you can purchase (for a nominal fee) a scheduled personal property endorsement. This endorsement is sometimes referred to as a “rider” or “personal article floater” and is designed to cover your jewelry, along with other valuable items such as rare coin collections, furs, and guns for the replacement costs when a covered loss has occurred.
Check your N.C. insurance policy and/or contact your local N.C. independent insurance agent to discuss the type of coverage you currently have for your treasures.
Prepare an Inventory of Your Valuables
Before you contact your local N.C. independent insurance agent, you need to assess your valuables and prepare an inventory to document cost and value. When you purchased these items, they may have been worth a certain value, but that value may have increased over time so making sure you have the receipts of your valuables is important and then routinely have appraisals done on your costlier items so that if a loss does ensue, you will get the right type of coverage protection you deserve.
- Take photos
- Keep all receipts showing purchase price, description, and brand name
- Have appraisals done every 3 years
- Keep your N.C. independent insurance agent informed
This way, if you do have a claim, you will have the documentation in place for a fair and prompt settlement. Insuring your valuables is easy and affordable and well worth the money in exchange for the peace of mind in knowing your treasures are protected for their true value, should something happen to them. Once you and your N.C. independent insurance agent have established a value for your items, you will be covered for the full amount, should it be stolen, lost or destroyed. Call our offices today at 866-869-3335 for any questions you may have. Are your valuables covered?
