What is Valuable Items Insurance?
As the name would suggest, valuable items insurance provides additional protection for the most valuable items in your home. Offering a pre-determined coverage amount for a particular item in the event of loss, theft or damage, this coverage can either be added to your existing homeowners policy, or you can purchase a separate valuable items policy.
How Does Valuable Items Insurance Differ from Basic Homeowners Coverage in NJ?
While your homeowners insurance provides some coverage for your valuable items, it typically maxes out at $5,000 and is subject to your deductible. A valuable items policy, on the other hand, will cover you for the full value of the item, with no deductible.
What Items Qualify for Valuable Items Coverage?
If you own any of the below items, a valuable items policy may be warranted:
- Jewelry
- Silverware
- Fine art
- Furs
- Computers
- Guns
- Cameras
- Musical instruments
- China and crystal
- Sporting equipment
- Postage stamps
- Coin collections
- Sports memorabilia
Miscellaneous items that are not included on the above list may also be eligible for coverage, pending a discussion with your insurance agent.
How are Items Scheduled on a Valuable Items Policy?
To schedule your specific valuables, you’ll need either an appraisal or a bill of sale. At Hanson & Ryan, we generally recommend appraisals. While a bill of sale will suffice, an appraisal sometimes reveals a higher value than what you paid for an item.
For more information about valuable items coverage in NJ, contact a Hanson & Ryan agent, who will help you schedule your most precious assets.
