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You may assume that all the items in your home are covered by the personal property portion of your homeowners or renters policy. And for most people that might be true. But you may be underinsured if you have high-value items, such as artwork, jewelry or antiques.
Valuable personal property coverage allows you to schedule individual high-value belongings with their appraised value so you can be sure they’re covered. Separating coverage for your high-value items from your other property ensures their repair or replacement if they become damaged, lost or stolen.
Because coverage of your high-value items is considered an add-on, you must first have a homeowners policy in place. The personal property coverage from that policy will determine which items you schedule, based on their value.
For example, if your personal property coverage only covers items up to $2,000, then every item you own that’s worth more than $2,000 should be scheduled for valuable personal property coverage. To get as close to the full replacement value on your items as possible:
Your need for valuable personal property coverage will depend on what your homeowner’s policy already covers. If the items in your home are worth less than what’s already covered you may not need extra coverage. But if you have a diamond wedding ring or family heirloom pieces, it’s a good idea to make sure you know what they’re worth. Keep these tips in mind to help you determine if a valuable personal property policy is right for you:
With a valuable personal property policy, your coverage is only as good as you make it. If you don’t keep up on your appraisals, you could end up getting less in replacement costs than your items are worth. And if you don’t add in earthquake coverage and your items are damaged in an earthquake, your policy won’t pay for the repair.
Valuable personal property coverage isn’t for everyone. But taking inventory of your high-value items may help you realize the limitations of your homeowners policy. To make sure you have the best policy for you, compare your home policy options.
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