Do You Need Extra Coverage for Jewelry, Art or Collectibles?

Insuring your valuable items requires careful consideration and planning. Standard homeowners or renters insurance policies might not provide enough coverage for high-value items like fine art, jewelry or collectibles.

Understanding Coverage Needs for Jewelry, Art and Collectibles

Additional coverage is often necessary if you own expensive jewelry, fine art or collectibles. Standard insurance policies typically have insufficient limits for these items, which means you might not be fully covered in case of loss or damage. Additional coverage may provide higher limits and more financial support. It may also cover risks standard policies might exclude, such as accidental damage or loss.

How to Insure Valuable Items

Valuable items need optimal coverage; otherwise, you might not be able to recover their full value in case of loss or damage. Insuring them involves several steps:

• Take inventory of each item with photographs, descriptions and appraisals. This helps determine their worth and the level of coverage needed.

• Review your existing insurance policy to see what is already covered. Standard policies often have limits on coverage for high-value items.

• Consider adding a rider or endorsement to your policy to provide extra coverage for specific items.

• Purchase a separate policy specifically for high-value items. An example is a Personal Articles Floater (PAF), which may provide broader financial protection and can be customized to your needs. These policies may cover items that exceed the limits of your standard insurance.

Learn More

The insurance professionals at American West Insurance Agency Inc. are well-equipped to answer any questions you may have about insuring your valuable possessions. Contact us to secure optimal coverage today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.