5 Steps to Take to Properly Insure Your Valuable Personal Property

Category: Personal Property Insurance

Do you have a special collection of items you treasure? Maybe it’s heirloom jewelry passed down from generation to generation or a vast gun collection. Regardless of what you collect, we at McInnis Insurance Agency want to make sure you take the right steps to adequately insure your valuables:

  • Create a home inventory. Photograph, video tape and document your whole home. If you have any receipts that show proof of purchase and cost, that’s even better. With this information, you’ll have full knowledge of what personal belongings you have in your possession. Make sure to store the pictures, videos, tapes, receipts and other documents locked away somewhere safe – preferably a fireproof safe or your safety deposit box.
  • Have an expert value your art, jewelry and other collectibles. Some items, such as paintings, china and antique jewelry, require expertise in determining their true monetary value. Hire a specialist in your area who can help you understand how much your collections are worth.
  • Review your homeowners insurance policy. Your home insurance policy has basic limits for personal property reimbursement should you fall victim to fire, theft, storm or other covered event. Depending on how much you own, the limit may not be adequate for your needs.
  • Consider scheduling your personal property. If your belongings are worth more than the limit set by your home insurance policy, then we highly recommend that you schedule your valuables to get the right amount of coverage. Scheduling provides you with additional financial protection for certain high-value items.
  • Decide between replacement cost and actual cash value. You can choose to insure your items at their actual cash value, which accounts for depreciation, or you can choose a policy that offers full replacement cost. With cash value, you may end up without enough financial support to repair or replace your lost goods. However, replacement cost policies do cost more. Speak to one of our agents to help you weigh the pros and cons of each of these options.

BONUS TIP: If you don’t already have it, consider purchasing flood insurance. Damage caused by flooding is not covered under any homeowners insurance policy. Keep in mind that flood policies do not kick in until 30 days after the date of purchase.

What other steps have you taken to value and insure your valuables? Share your own personal tips below!

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