The limited coverage provided in your homeowners policy may not be sufficient to cover your valuables in the event of loss. You’ve worked hard for the things you own; why not insure them with the best possible coverage? Learn more about how you can protect the finer things in life with the additional coverage options highlighted below.
Standard homeowners, condominium or renters insurance policies include a limited amount of coverage for jewelry and other valuable items. Many policies limit the dollar amount of coverage for the theft or loss due to a covered peril. To properly protect certain types of valuables, you can obtain additional coverage through a policy endorsement or a floater.
Endorsements are additions to your homeowners, condominium or renters insurance policy that change or add to the policy’s provisions. The endorsement can cover property otherwise excluded from a basic homeowners insurance policy, extend the number of perils included, or increase the amount paid for a covered loss. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value.
To determine each item’s value, an appraisal or sales receipt is usually required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item. And scheduled items are typically not subject to the policy deductible.
A separate personal articles floater policy may be used to schedule your valuable property that is subject to special limits under basic homeowners coverage.
Once you have an endorsement or floater, it is important to periodically review your policy’s coverage limits to minimize the likelihood of being underinsured due to outdated appraisals and inadequate limits of insurance.
The Cost of Coverage
The cost of coverage varies upon the item, but typically the fee is minimal. Our personal lines team of specialists can provide you with more information about coverage and an estimate for the cost of scheduling an item.
Whether it’s a diamond ring or silverware set, we can help you insure the things you value most. Find out more about SIG’s affordable insurance options!