Nothing says “I love you” like a sparkling diamond necklace or a designer watch. In the event of a loss, nothing causes more heartache than learning that you’re underinsured. Learn more about how you can protect the finer things in life with additional coverage options, highlighted below.
Additional coverage is available through a policy endorsement or floater.
Endorsements are additions to your homeowners, condominium or renters insurance policy, which change or add to the policy’s provisions. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value.
For all items, an appraisal or sales receipt is typically required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item.
The endorsement can cover property otherwise excluded from a basic insurance policy, extend the number of perils insured against, or increases the amount paid for a covered loss. Items scheduled are typically not subject to the policy deductible.
A separate personal articles floater policy may be used to schedule your valuable property that is subject to special limits under basic coverage.
If you have an existing endorsement or floater, it is important to periodically review your policy’s coverage limits to minimize the likelihood of underinsurance arising from outdated appraisals and inadequate limits of insurance.
The Cost of Coverage
The cost of coverage varies upon the item, but typically the fee is nominal. Our personal lines team of professionals would be happy to provide you with more information about coverage and an estimate for the cost of scheduling an item.
Before a thief steals your antique coin collection or your diamond ring accidentally gets washed down the drain, call ARCW Insurance at (727) 544-8841 to learn more about the affordable ways we can help you protect the things you value most.
Top Ways to Save on Your Homeowners Insurance Premium
- Consider raising your deductible.
- Invest in a home security system.
- Update exterior locks to dead bolts.
- Install smoke alarms.
- Monitor your credit rating.
- Ask about our multi-policy discounts.
Why do I need to insure my valuables?
It’s true that standard insurance policies include a limited amount of coverage for jewelry and other valuable items. However, many policies limit the dollar amount of coverage for the theft, or loss, due to a covered peril of such items. To properly insure the value of a portrait or an heirloom stamp collection, consider purchasing additional coverage through a policy endorsement or floater. Our coverage options are both affordable and easy to arrange.
This information is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. Should you have any questions or would like to discuss your risk exposure with your renters insurance, please contact the insurance pros at ARCW Insurance. We are here to help.