VALUABLE ITEMS COVERAGE
Valualbe Items Coverage may supplement property insurance for belongings high in value. Commonly insured valuables include guns, jewelry, heirloom items, collectibles, musical instruments, high-end equipment, and artwork.
What does valuable items insurance cover?
While homeowners policies have limits on the dollar amount, Valuable Items Coverage may offer protection beyond those limits, enhancing your coverage.
In addition to the higher dollar limits, valuable items coverage may expand your policy to include coverage for additional types of loss, such as breakage. Valuable items policies may automatically insure newly purchased items.
Since valuables vary, losses may be settled depending on the type of property insured. For some items, you may be reimbursed for the agreed value shown on your policy. For others, the value may be determined at the time of the loss.
According to your policy, you may be reimbursed for either the actual cash value of your property, the cost to reasonably restore it to its previous condition, the cost to replace it with a substantially identical item, or the applicable amount of insurance.
Depending on the value of your property, your insurance company may require additional security measures, such as an alarm system for your home.
Types of Valuable Items Coverage
There are two types of valuable items policies, “blanket” coverage and “scheduled” coverage.
Valuable Items Blanket Coverage may protect valuables such as computers and artwork without additional paperwork or appraisals.
Valuable Items Scheduled Coverage may require listing specific items and values along with current appraisal paperwork, however this type of policy may also voer 100% of the insured value of scheduled items in the event of a covered loss.