A Guide for Insuring Your Valuables
Have you considered getting MD Valuables Insurance? Most people are accustomed to keeping valuable items at home. Although we would all like to think of our homes as our havens, our valuables may not always be as safe and secure as we wish. This is why it is necessary to ensure that our valued items are adequately covered against theft and damage. Insuring your valuables is simple, and there’s a few ways to go about it.
Getting property insurance is an excellent first step and is advisable for homeowners. However, this type of insurance may not cover all of your high-value possessions.
You could also get home and renters’ insurance. But standard plans may cover only part of the value of your costly items. If a break-in or a natural calamity occurs, you may find that you don’t have adequate protection for your valuables.
There is another option, which is to increase your coverage limits. Many insurance companies allow you to do this, essentially allowing you to increase your insurance for valuable items.
What valuable items do you have in your home?
Before you can get your belongings insured, you will first have to determine which ones are valuable. Insurance companies will usually ask questions related to your items’ value when you get a home insurance policy.
Things are deemed valuable when they are rare, expensive, or collectible. Insurance firms generally consider the following to be valuable:
- Professional art pieces
- Cameras
- Coins
- Electronics
- Fine china and silverware
- Fine jewelry
- Firearms
- Furs
- Medical devices
- Musical instruments
- Sporting equipment
- Stamp collections
- Watches
Many families pass down heirlooms or other personal belongings from one generation to the next. Depending on their rarity or monetary worth, they may be considered valuable items that need adequate insurance coverage.
Tips for insuring your valuables
Insuring valuable items is usually a straightforward process. Here are some tips to ensure that you have adequate insurance:
Review the terms of the policy
Check your insurance policy to see what items are covered. You should also find out the coverage limits on valuables.
Keep in mind that different insurance plans have varying theft and damage coverage limits. If you are confused about something, don’t hesitate to ask your insurance agent for clarification.
Conduct an inventory of your home
A home inventory is a detailed analysis and account of your possessions. When preparing a list, remember to include a separate section for valuables.
Your home inventory should include the following details:
- Photo and description of each item (including its original value)
- Date of purchase
- Place of purchase
- Official receipt
Maintaining an inventory will be helpful if you need to file a personal property claim in the future. Make sure that the list includes all your valuables and that you update it from time to time as needed.
Have your belongings appraised
If you aren’t sure how much your things are worth, consult an appraisal specialist. A comprehensive appraisal will help you determine whether your current insurance is adequate or if you need additional coverage.
Remember that some valuables appreciate over time. It is a good idea to get an appraisal done every couple of years. This helps ensure that you always have the appropriate amount of coverage. When in doubt, you could always seek expert insurance advice.
Upgrade your insurance to cover replacement costs
With most homeowners and renters insurance policies, reimbursement for damaged or stolen property is usually equivalent to its actual cash value (ACV). However, depreciation of value is also taken into consideration when determining the reimbursement amount.
Consider upgrading to a replacement cost value (RCV) scheme, which covers the item’s current cost without depreciation. Although RCV policies generally cost more than ACV policies, they have the advantage of paying out more.
Add a personal property endorsement
A scheduled personal property endorsement is another option for getting your valuables insured. This allows you to increase the personal property coverage cap for particular items.
Many insurance providers sell this option as an add-on to existing policies. Although this will increase your existing premium, it also results in higher compensation if your items get lost, stolen, or damaged.
Sign up for a buyer’s protection plan
Consider acquiring a buyer’s insurance package when purchasing new valuables. Usually sold by retailers, these compensation plans add to the coverage provided by regular homeowners or renters’ insurance.
Of course, you will have to pay a monthly or annual fee for this plan. Even so, it is usually cheaper than an add-on policy.
Get your valuables insured now!
There are hardly any downsides to getting your valuable items insured. On the contrary, getting insurance is one of the best ways to ensure that you can recover from a loss or a calamity. If you value your items, getting insurance is the best decision you will ever make.
About Moody Insurance Worldwide
Moody Insurance Worldwide, a division of Moody & Associates that was founded in 1914, is a leading provider of risk management programs and insurance coverage to individuals and businesses across the East Coast. We write all sizes of businesses, with technical expertise in many key industry areas, and provide personal insurance programs for estates and high net worth individuals. Our licensed, experienced commercial account managers can work with you to determine the coverage that you need at a competitive rate. Contact us today at (855) 868-0170 to learn more about what we can do for you.