Those with home insurance can rest a bit easier at night knowing most of their important belongings are covered in the event of a fire, flood, or theft.
However, there are some unique exceptions to your home’s policy.
Many expensive and luxurious items often require additional coverage.
That’s where high-value item insurance comes in.
Why Doesn’t My Home Insurance Cover High-Value Items?
Items such as vintage wine collections and high-end jewelry or purses are often more expensive than other items found in an average home. Therefore, those with many high-end items are at greater financial risk should they suffer a loss.
While many home insurance policies cover damages up to a certain amount, those with high-end goods may need enhanced coverage to ensure the full loss is accounted for.
For example, if your home insurance policy covers up to $3,000 of jewelry in the home, but you own over $13,000 of jewelry in your home, you’ll need increased policy coverage.
How Do I Get High-Value Item Insurance?
It is important to keep appraisals and receipts for your high-value items so that the value can be confirmed for insurance documentation.
In other words, if you buy a diamond engagement ring, have it appraised and make copies of your purchasing documents to validate your investment.
You can insure high-value items along with your property insurance policy.
When homeowners add expensive items to their policy, the items are referred to as “floaters”.
‘Floater items’ mean that there are items in the house with special coverage.
What High Value or ‘Floater’ Items Should Be Insured?
Antiques, Collectibles, & Collections
If you own a unique collection of baseball cards, antique furniture, vintage wine collection, porcelain china, coins, or something similar, you need high-value item insurance.
While these items are often irreplaceable and sometimes priceless, financial loss coverage options are available and can help to ease the burden of loss.
Jewelry
Jewelry is the most common high-value item insured, especially when it comes to engagement rings and familiar heirlooms.
Most home policies come with coverage for these items, however, it may not be enough.
With floater insurance, you can cover necklaces, bracelets, rings, watches, and more.
Boats & Sports Mobiles
Those with boats, snowmobiles, ATVs, and the like are wise to add these items to their home insurance policy – especially if they are stored in the home or on the property.
Firearms
Did you know that guns are some of the most commonly stolen items by thieves? To protect yourself and others, firearms should remain locked up in the home.
Most standard insurance policies in Ontario have a limit for gun coverage. Therefore, when it comes to protecting the value of your firearms, it’s important to add additional insurance to your policy.
Musical, Medical, & Computer Equipment
Whether you own expensive computer systems, musical instruments like classic guitars, or medical devices such as hearing aids, high-value insurance is available.
Artwork
When it comes to the loss of expensive art, an updated appraisal is key. Should damage or destruction occur to artwork, the appraisal will provide proof of the value lost.
Keep in mind that artwork can rise and fall in value – so appraisals should be conducted whenever changes in the market occur.
Get High-Value Item Insurance Today
To get started, make sure you create a detailed list of high-value items as well as their appraisal information. If some items haven’t been appraised, take this important step and organize your receipts.
Next, ensure your high-value items are protected in your home. You may want to consider a safety deposit box, in-home safe, or security system to increase protection.
Contact your insurance broker at Benson Kearley IFG to discuss your high-value possessions and what you may need additional coverage for.
