Insure your valuables with home insurance
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| Insure your valuables with home insurance |
In most cases, you will be asked to provide a dollar amount to replace everything in your home. This figure should replace all items in your home no matter if we are talking about your clothing or your great grandmother's china. Most homeowners insurance has limits on certain items. You may be shocked that you can only receive $1,500 for the china when it was appraised at $15,000. Each insurance company has limits on what you can collect for valuables including collectibles, jewelry, furs, coins, and stamps. If you have valuables, you should ask the limit the insurance company has on these items with the standard policy.
There are special insurance policies known as floaters that you can add to your home insurance policy to cover those valuable items via agreeing on a specific dollar amount, which will be scheduled on the policy. You may even be able to insure your valuables under what is known as a blanket policy with an agreed upon value such as all your jewelry at $50,000 as the amount that will be covered. You can always get your valuables appraised which would be a better way to go as then, you will have a better idea of the value of these items.
A floater is not attached with any deductibles, so your coverage begins with the very first dollar is lost, and are usually considered "all risk" which means that are types of losses are included unless exclusions have been written in the policy.
To make sure you have enough coverage for your valuables no matter what they might be you will need to take inventory. Write down each item whether it is a coin collection, stamp collection, or an autographed photo of a celebrity. Receive an appraisal of each valuable. Be sure you visit the proper appraiser to ensure you are getting the best appraisal; a jeweler may be able to appraise jewelry but in most cases will not know the value of a stamp collection. Talk with your insurance company to determine if you need floaters or if the valuables can be included in your home insurance at their true value. Your insurance agent may be able to help you find the cheapest home insurance while ensuring your valuable are under the protection they need if lost or stolen.
Be sure you follow the best way to preserve your valuables such as proper storage and care in order to ensure your insurance policy will cover the full value of your collectibles, jewelry, antiques, or other items.
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