When people think about insurance policies to cover their home, they usually are thinking about the house itself. You want to make sure that your policy can cover everything in the house as well though. That includes belongings that are high dollar items and extremely valuable. To ensure this is the case, you need to know your policy limits just in case you end up needing it at some point. InsureWise is here to talk about insuring high price items so that you can be sure you have the coverage you need.
Know What Insurance Coverage You Need
The first thing that you need to know to be prepared is to know what coverage you need to cover all of your high price items in your home. This means that you need to take an inventory of what you have. You would be surprised at how quickly those items can add up. When you are looking at your policy, you may think that you have plenty of money to cover your high price items, but you should take time to actually add up the cost of those items together and extend the policy if needed to make sure you have what you need.
If you were to have your high price items damaged in a fire or flood, you want to be prepared so that you can be compensated for your loss. There are a couple of ways that you can prepare for these types of disasters.
– Receipts: You should always keep any receipts for high dollar items. If you aren’t going to keep the actual receipt, at the very least, you should take a photo of it for your records. Then there is no question about what you need for compensation.
– Appraisals: Another thing that you can do for collectibles or antiques is to have them appraised professionally. Then you will know what the true value is for your pieces. Just make sure the appraiser is certified.
– Talk to a Broker: If you have found out that the total dollar amount of your items exceeds your policy limit, you can talk to your broker about getting the coverage that you need. You can get coverage to individual items or a policy that will cover multiple items together.
Protect Precious Gemstones
You would never leave your home unlocked while you were gone for someone to break in, likewise, you shouldn’t leave your precious gemstones and diamonds out to get stolen either.
– Lock It Up: You should keep watches and jewelry locked up when you aren’t wearing them.
– Leave It Home: If you are going to the gym or somewhere you will need to take off your expensive jewelry, it might be better to leave it home than put it in a locker or leave it in a hotel while you aren’t there to watch it.