2 Steps For Making Sure Your High-Priced Items Are Insured Under Your Home Insurance Policy
A home insurance policy is not only good to have in the event of an accident, but it also protects items in your home that may be damaged or stolen. While it is expected that basic personal items, like furniture, cooking ware and clothes may be replaced through a standard policy, this does not hold true for items that are more expensive. High-priced items like art and jewelry are often not fully covered under a standard homeowner insurance policy. In order to get the full value of the items covered, you will need to take additional steps. Fortunately, you can make sure that any high-priced items in your home are covered by the right insurance policy.
1. Get Your Items Appraised
In order for your high-priced items to qualify for additional coverage, your insurance company will need to know the value of those items. While a receipt or invoice will tell the company how much you paid for the item, it does not tell them how much the item is worth in the event that it is damaged or stolen. In order for them to know this, your item will need to be appraised by a professional. For example, if you have expensive jewelry that you want to have insured, then you will need to have it appraised by a jeweler. This process also helps to value expensive items that have been kept in the family for generations. If your item changes in price or value regularly, like an item made of gold, then it is important to get a new appraisal. This is done to ensure that the full cost of the item is always insured. Once appraised, the amount that your items are worth should be sent over to your insurance company.
2. Take Out Scheduled Personal Property Coverage
Scheduled personal property coverage is an add-on that can be added to your standard home insurance policy. Scheduled personal property increases the limit that your standard home insurance policy covers for items that are more expensive. For example, a scheduled personal property coverage will often cover high-priced items that are worth thousands of dollars, while a standard policy may only cover a few hundred dollars.
Many high-priced items can go missing or get damaged as easily as other items in your home. Since these items are difficult to replace you should make sure that they are protected at all times. Use these tips to keep the expensive items in your home insured. For more information, contact a company like Keyes Insurance Services Inc.
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