Covering Your Assets
Typically, a standard homeowners', condo, or rental insurance policy will cover such items as computers and other technology, bicycles, Televisions and stereos, clothing, and furniture. Additional property insurance, also known as valuable personal property insurance, covers the cost of certain valuable items in the event that they are lost, stolen, or damaged. This extra coverage can be added to an existing policy. Typical items that need valuable personal property insurance include:
- Jewelry
- Antiques
- Fine art
- Collectibles
- Firearms
- Silverware
- Stamps
- Coins
- Musical instruments
Types of Personal Valuable Property Coverage
There are many types of valuable personal property coverage. You might consider the following options:
- Blanket Valuable Items: This type of policy covers valuable items for loss, theft, and disasters. It offers higher limits than you would find in a standard policy and extends coverage to all items.
- Scheduled Personal Property Insurance: This sort of policy is tailor-made for those with high-value possessions, such as artwork. It lists all covered items individually, with a stated monetary value; each item has individual limits.
- Personal Electronic Equipment Insurance: This kind of policy offers more comprehensive coverage than what is offered by, for example, a standard homeowners' policy. It might include coverage for accidental damage or loss, as well as repairs and replacements.
Determining What's Valuable
Keep in mind what we value is subjective. Even a gift which may not be empirically valuable can still have enormous value to you personally. You can also insure those types of items; talk to Insurance Wagon about the best way to do so.
And, needless to say, a gift of a new car requires an auto insurance policy. Similarly, paying the rent on a nice apartment for your college student is a great gift, as well as an apropos time to obtain renter's insurance.
Every year, most of us amass new material goods, many of them wrapped in festive paper and colorful bows. Winter is a good time to take stock of what's most valuable to you, and take steps to protect your new assets.
Call Insurance Wagon to discuss the details of an asset insurance policy that's right for you.