Does Homeowners Insurance Cover Valuable Items?
Homeowners, condo and renters insurance all usually provide some coverage for valuable items, but the coverage offered for these items is often lower than the general personal property coverage limit. In some cases, policies might only offer a minimal amount of protection for valuable items.
Since policies’ exact coverages vary, residents should ask an insurance agent who’s familiar with the nuances of insuring valuable items to check their specific homeowners or similar policy. An insurance agent will know where to look for item-specific limits, and they’ll be able to explain how those limits might impact coverage for valuable items.
What Types of Items Does Valuable Articles Insurance Cover?
Valuable articles insurance may be used to insure many different types of expensive items. Policies might cover the following and many more items:
- Jewelry
- Artwork
- Antiques
- Furs
- Collectibles
- Firearms
- Silverware
Some residents use these policies to insure photography or other hobby-specific equipment that can cost a lot to replace.
Additionally, policies might be adjusted to protect a single valuable or a collection of valuables. For example, some residents may get a policy just for their engagement ring if the ring is worth a lot more than their homeowners policy’s jewelry-specific limit. Other residents might get a policy once a collection that they keep exceeds the applicable limit in their homeowners policy.
How Much Coverage Does Valuable Articles Insurance Offer?
The exact amount of coverage that valuable articles policies provide can vary. There are three common levels of coverage that residents might see in policies:
- Actual Cash Value, which normally insures up to an item’s fair-market value
- Replacement Cost, which normally insures up to the cost of replacing an item
- Agreed Value, which normally insures up to a pre-set amount
In most cases, replacement cost coverage offers a higher level of protection than actual cash value coverage. In both cases, these values are often determined after a claim is filed. Residents who want a known amount of coverage can usually get agreed value coverage for an amount that they select when purchasing the policy.
How Much Do Valuable Items Policies Cost?
Because valuable items policies normally insure a finite number or group of items, premiums for these policies tend to be quite affordable. The premiums are typically a small cost compared to the potential cost of replacing expensive items.
To find out exactly how much a policy would cost, residents should contact an independent insurance agent. An independent agent can compare policies from multiple insurance companies so residents can get an accurate idea of what the market’s prices for these policies are. An agent can also help residents understand any coverage differences between the policies that might account for variances in premium costs.
How Can Massachusetts Residents Get Valuable Items Insurance?
For help finding insurance coverage that adequately protects or valuables or collectibles, contact Scotti Insurance Agency. Our independent insurance agents have helped many Massachusetts residents insure a wide variety of items, and we’re here to help you find a valuable items insurance policy that offers affordable and robust protection.
