How do you view your valuables? Are they just accessories or is there a true value to them? If the answer is the latter, then you should protect your investment by itemizing them on your homeowner's insurance.
Whether it's jewelry, furs, art, silver or some form of collectibles, itemizing them and giving them each a value helps you get the amount they are worth in the event of a claim. And scheduling them means that there is no deductible applied to them.
This is of significant importance if you have very expensive pieces of jewelry, fine arts, antiques or the like. It is recommended to get appraisals on large expensive items, but even on the smaller ones can be helpful. Remember if something gets lost or stolen, documentation is your best asset when speaking with an adjuster.
All policies provide a minimal amount of coverage for jewelry, furs and silverware. But in the event of a loss, you will only be reimbursed for the limit the policy provides, less your policy deductible. So if your deductible is $1000 and your policy limit is $5000, the most you will get for any one or multiple pieces is $4000. So if something was more valuable and it wasn't scheduled, the most you would get is the policy limit.
The recommendation is to take an inventory of your valuables and talk it over with your agent. Make sure that if you can't afford to lose it, it's itemized!
More helpful information from a name you can trust...Heil & Heil Insurance. The best offense is a good defense! Let us help you protect YOU! www.heilandheil.com
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Posted Monday, August 09 2010 3:22 PM
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