Jan 22 2019

Insuring Your Valuables

How to Properly Insure Your Valuables

The start of the New Year is a great time to take stock of your plans and goals, but also of your personal belongings and insurance coverages — especially if you received any lavish gifts or made any big purchases over the holiday season. Here at Bearingstar Insurance, we want to make sure you always have the right insurance policies in place, which is why we’re offering a few tips and insights about when you should consider additional insurance coverage for valuable items.   

Isn’t My Homeowners Insurance Enough?

While your homeowners insurance policy does offer coverage for your personal belongings, most insurance policies have limits. If you have items valued beyond the limits of your policy, they may not be fully covered in the event of a loss, like theft or a fire. Your local insurance agent can help you understand the specifics of your policy — and if you have items valued beyond these limits, your insurance agent can help ensure they are fully protected with an insurance endorsement.

What Type of Items May Require Additional Coverage?

In general, if you have items valued over $1,000, you should reach out to your local insurance agent to see if they require additional coverage. Consider things like electronics, fine jewelry, antiques, and collectable items.

What Are The Benefits of an Endorsement?

Additional insurance for valuable items can be achieved with an insurance endorsement, which can offer many benefits for homeowners. In insurance speak, this is called a “schedule” or a “blanket”. Ask your agent about the important differences between these coverages. THEY not only extend your coverage limits, but can also increase the types of situations that are covered by your insurance. For example, under many standard home insurance policies, theft would be covered, but simply losing an item might not be. With a coverage endorsement, however, theft, misplacement, or loss of an item may be covered.

Another benefit comes from the convenience of having all of your insurance policies in one place. While many electronics stores, for example, offer insurance for items purchased, working with your local agent can help eliminate the need to purchase insurance elsewhere. This way, you’re also able to go to your local agent for help if you ever need it!

How Do I Get an Insurance Endorsement?

Your local insurance agent can help ensure you have adequate coverage for all of your belongings. To make this process smoother, you can begin by first performing a home inventory. Catalogue all valuable items and include as much detail as possible, including receipts. For some items, like jewelry or antiques, the current value may be unclear, which is why we recommend having these possessions appraised. Once you have the current value, your local agent can find the right endorsement to fully cover these belongings.

Have more questions about insurance for your valuables? A Bearingstar agent is here to help. Visit our website to connect with a local agent near you: http://bit.ly/2GvLIQX

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