Most homeowners are insured against a myriad of worst-case-scenarios. However, valuables are often not adequately protected by regular homeowners insurance. This means that family treasures — carefully curated collections, heirloom jewelry, musical instruments, and more — are vulnerable to total loss without compensation.
If you have valuables in your home, it may be time to purchase additional jewelry insurance or personal article insurance through a policy endorsement or a floater.
Basic insurance policies tend to have low limits for jewelry and valuables, leaving your treasures at risk. To stay protected, you may opt to add an endorsement to your policy.
An insurance endorsement is an addition to your existing homeowners, condominium, or renters insurance policy. Endorsements can be used to add to the coverage of an existing insurance policy. An appraisal or sales receipt is required to ensure that you are fully protected in the event of a covered loss. That way, when the worst happens, you can rest easy.
Endorsements are tailored to your needs — they can cover items your basic policy excludes, extend the number of perils your valuables are protected against, or increase the amount paid for a covered loss. Typically, items scheduled are not subject to the policy deductible.
If you're interested in protecting an individual item, such as an engagement ring or prized guitar, you may instead opt to purchase a floater insurance policy.
Floater insurance policies exist separately from your existing insurance policy. This allows for the broadest scope of coverage — floaters typically cover accidental losses as well, such as losing an engagement ring down the drain. Just like with endorsements, items protected by floater insurance policies much be "scheduled," meaning they must have an appraised value. This ensures that you are fully covered in the event of a total loss.
If you aren't sure which option is the right choice for you and your valuables, please contact us — we will work with you to make sure your treasured items are fully protected.