Valuable Items Insurance quite simply provides coverage for jewelry, firearms, and collectibles that would not be covered under a traditional Homeowners, Condo, or Renters policy. In the insurance world, this coverage is most commonly named Inland Marine.  This is a coverage that is overlooked by not only the consumer but the agent as well. Most Property Insurance policies, if read closely, will limit, or exclude coverage for the items mentioned above. Therefore, it is important that you always know what coverages you have instead of assuming “you’re covered.”

Key Points When Considering Valuable Items Coverage

Your Property Policy Has Limitations

Most policies limit coverage for jewelry, and firearms to $1500 or $2500 per claim. In addition, your collectibles, or artwork would also not be covered. The reason for this is because these items fluctuate in value, and cannot be easily replaced with a similar item in a loss.

Better Coverage

Most Valuable Items policies provide broad coverage terms. Meaning claims will even be paid on accidental damage, losing an item, and mysterious disappearance. These types of losses would not be covered under a Property Policy.

You Can Insure to Market Value

These policies allow you to indicate the value you want to insure the item for. For example, let’s say you have a baseball signed by Mickey Mantle insured for $1500 and it was stolen. Under a Valuable Items Policy, the insurance company would have to replace the ball with the same quality item you had or pay you the $1500.

What Items to Insure

Antiques, collections, firearms, jewelry, art work, or any other item that is of value and cannot be replaced easily with a like/similar item.

The Cost Is Very Affordable

Most policies start out at $35 a year. With a cost this low, there is no excuse not having this important coverage.