We’ve all heard the song “If you like it, then you should’ve put a ring on it.” We like to say “If you like it, then you should’ve put insurance on it!” Whether you are planning a sweet proposal, or buying a new piece of art for your home, you will want to protect your valuable item from accidental losses, damages, or theft!
While most homeowners or renters insurance policies do cover items such as jewelry, they have a relatively low limit of how much they will pay for a single item. Generally, a standard policy will cover about $1,500, which would be fine for most items. However, if you get a more expensive item such as an engagement ring or an antique, you might not get the full amount to replace or repair the item. That’s where valuable items insurance steps in.
Valuable items insurance can cover many types of losses, including those your homeowners or renters insurance policy will not cover. If your ring slips off your finger down the kitchen sink or you leave your expensive watch in the hotel room, valuable items insurance can cover it. Valuable items insurance policies are not restricted to your home. A homeowners or renters insurance policy often won’t cover loss or damage to jewelry that you wear outside of your home.
Before getting a valuable items insurance policy it is recommended that you get your item professionally appraised. Spencer Insurance Agency, Inc. would be happy to help you find a reputable appraisal firm in the Jenkintown area. After having your items appraised we will have a better idea of how much protection you will need for your items. Give us a call at (215) 885-2200 or visit us online at https://spencerinsurance.com/ to speak with one of our experienced representatives!
Source: https://www.iii.org/article/floaters-and-endorsements-special-coverage-valuables
