What are your most valuable household items? Without really knowing the replacement value of your most prized possessions, how would you file an insurance claim for them if something were to happen to them? It is important to know what each of your costly belongings is actually worth to find out how to insure them.
Take for example that beautiful necklace your grandmother passed down to you on your 13th birthday. You know it looks shiny and has at least 4 diamonds in it, but do you know the value of those diamonds? What type of material is the setting for those diamonds? And how many carats is the gold chain that diamond charm hangs from? Without knowing for sure, you may be missing out on a proper insurance policy for it.
Have your prized possessions appraised to see what type of value they really hold. You may find that your homeowner’s insurance may not be enough to cover a loss if it was to happen. Typical homeowner’s policies have limits for specific items like jewelry, precious stones, electronic devices and firearms. If your homeowner’s insurance policy follows suit with most others, you may only be able to recover $2000 for a loss to your grandma’s necklace. If the necklace is worth more than that, you will not be able to recover it.
It might be better to open a floater insurance policy strictly for that necklace on its own. We can find a policy with a minimal premium that will cover your necklace and other valuable items for the amount it would cost you to replace them if they are lost, damaged or stolen. Just give us a call and we can help find the right policy for you. We want you to have peace of mind when it comes to your personal items.
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