5 Tips to Protect Your Possessions with Valuable Articles Insurance
It is a common misconception that a homeowner’s insurance provides adequate coverage for all valuables. However, it is quite limited in its scope. Certain collectibles or expensive items do not get coverage under this policy. You need valuable articles insurance for this purpose. The homeowner’s policy typically has a limit of $1,000 to $1,500 for the valuables items, such as jewelry. Any item worth higher than that will not allow this policy to offer you a full compensation.
There are certain riders or endorsements which can exceed the set limit to some extent. However, the high-end valuables, such as jewelry, artwork, collectibles, antiques etc. require the valuable articles insurance for full coverage.
Following are the five tips to help you decide whether you need valuable articles insurance;
1. Read the Policy
The insurance policy details the contract between buyer and insurance provider. The limits of compensation are outlined in the policy. Before buying the valuable articles insurance, ensure that you actually need it. ensure that your regular homeowners’ policy does not provide adequate coverage for your valuables. You must review the terms very carefully. Make sure that the policy meets your needs.
2. Appraise Your Valuables
There might be some valuables among your possessions whose value exceed your rough estimates. Getting them appraised would allow you to decide whether valuable articles insurance is necessary or redundant. Some items also have a tendency to change their worth as the time passes. Some artworks or jewelry might become more valuable, or some collectibles might lose their value over time. The homeowner’s policy provides full coverage for the property. However, whether it will cover your valuables is debatable.
3. Create a Home Inventory
You cannot buy a proper insurance policy until you know what items exactly need to be insured. You must make an inventory of the valuables within your possession before buying the insurance. Some people tend to put their valuables out of the way and forget about them as the time passes. Check your garage, basement or attic for any valuables that might have slipped your mind. Along with the inventory, collect all the receipts or the appraisals where possible. This diligence will prove immensely valuable when filing a claim through valuable article’s insurance.
4. Check the Crime Rate in Your Area
A neighborhood with high crime rate will definitely require you to gain an insurance as soon as possible. There will be high risk of your valuable items getting stolen by criminals. The police departments might track the crime rate in their area and they might also make this information public. Enquire about the crime rates from your local police station. You might also want to consider installing a security alarm system. Such precautions even allow you to gain some discount on your valuable articles insurance.
5.Assess Your Electronic Equipment
In this day and age, electronics have become far more valuable than they used to be. Every home has computers, gadgets, devices, tools and instruments of electronic nature. Many of these may be covered under the homeowner’s policy. However, some people have a habit of buying the latest models in the market, which are bound to be expensive. Your valuable articles insurance would provide better coverage for them.
Get Access to Valuable Articles Insurance Policy
SG Financial Inc. is one of the best in Dallas, Texas to provide you with valuable articles insurance. We can cover any high-end items. Our policies are customizable, so you can choose the limits, riders and exclusions.