Do you possess unique and antique coin collections, one of a kind art pieces, sparkling pieces of jewelry or other rare valuables? If so, find out if your home insurance policy offers coverage for these pricier fixtures. Without extensive coverage, your valuables may not be protected under a standard home insurance plan.
A Standard Home Insurance Policy and Your Valuables
Upon signing up for a standard home insurance policy, nearly all policies provide home owners with a limited amount of personal property coverage. For example, under a standard home insurance policy, one’s personal possessions may only be insured for half of what your home is covered for. Because one’s personal property, especially expensive and rare valuables, is more prone to theft, the coverage for these particular items is not generally included in a basic coverage policy. Since theft, damage, or harm to one’s personal possessions is more likely than a major destruction to one’s home or property, an insurance company will typically try to avoid extensive coverage for these potentially costly and destructible personal items.
Generally, insurance industry leaders reveal that a standard home insurance plan will generally offer coverage and protection for unique personal property items with limitations such as:
- $200 for current or collected coins / bills
- $1,000 for personal tickets, deeds, bank notes, and similar records
- $1,000 – $2,000 for the loss / theft of jewelry, silverware, items made of gold and / or semi-precious stones
Expanding Your Home Insurance Coverage
If you possess unique and valuable collectibles or possessions that exceed the aforementioned general coverage allotments, then you may benefit from expanding your home insurance coverage features. Specifically, if you possess rare antiques, pieces of art, or other potential investments, you may be eligible for coverage expansions if you are willing to have your valuables evaluated by a professional appraiser. Typically, prior to securing a policy with additional personal property protection, most insurance companies will request an official appraisal report; however, some companies may allow you to send in a video and / or photographs of your possessions in order to prove their quality and current state of wear.
