We all have valuable possessions. A lot of them are similar. Families always have an engagement ring, certain electronics like cameras or computers. Some homes are different and have baseball card collections, musical instruments, and weapons. All of us wonder, how can I protect my wedding ring? How can I get insurance for my vintage gun or secure my collection? Valuable Possession Insurance is designed to protect you, your investment, and most of all your peace of mind.
What About My Home, Renter, or Condo Insurance Protection?
I know you’re thinking, “Doesn’t my homeowners’ insurance cover most of my valuable possessions?” Some valuables may be covered in the case of a fire, but usually, there is a limited amount of coverage that could leave some of your valuables vulnerable. That is why we want to provide you with a process to protect your valuables and make sure you are protected.
The 6 Steps You Should Take To Protect Your Valuable Possessions
First: Check Which Valuables Are Protected
This makes sense. There is no need to worry about your jewelry collection or baseball card collection if it is already insured. The first thing you should do is review your existing insurance policies and check your coverage. Your home insurance is the first place to check. Having umbrella insurance is such a great way to protect your valuables but remember, the umbrella insurance only adds an additional buffer to what you are already covered for in your home insurance policy. If your home insurance doesn’t cover certain valuables, then the umbrella insurance doesn’t either.
Go through your existing insurance policy and understand what your home insurance policy protects and what valuables are covered. If you are unsure about your coverage, contact Strickler Insurance.
Second: Determine Which Valuables You Want Coverage On
Sometimes we look around our home and everything seems valuable in its own way. Determine what valuables should be covered. You can determine this by their appraisal value (which is the next step) or simply by what valuables aren’t presently covered by your existing insurance. This is another item to discuss with your insurance provider. It is unlikely they know about your expensive card collection unless you bring it up to them. Your insurance agent has never seen that priceless work of art on your living room wall so it may not be covered. Communicating with your insurance agent about all of your personal valuables is the key to protecting them.
What Are Typical Valuables That You Can Insure?
- Card Collections
- Coin Collections
- Stamp Collections
- Historical Pieces (Furniture, Rugs, or general historic items)
- Computers & Technology
- Vintage Wine Collections
- Fine China & Silverware
- Guns & Weapons
- Genuine Furs
- A Variety Of Collections
Third: Get Your Valuables Appraised
How much does that artwork cost? In order to cover that piece, we will need to know how much we are protecting. Get an appraisal on all of your valuables to protect them.
Fourth: Determine If You Want Your Valuable Insurance To Replace Or Repay
The insurance policy you have on your valuables can either cover the cash value for the items you insure or the replacement value. Cash value or market value is easier to provide once an appraisal is done. The replacement value for your valuables is cheaper and easier in the long run. Think, if you have a one of a kind artwork insured for replacement value, well technically it can’t be replaced, so the coverage would simply be a copy of that painting. If you have the market value coverage you would receive the cash value of the painting and probably purchase a thousand copies of the original
Fifth: How Is Your Community’s Crime Rate?
Checking your crime rate is extremely important. The more crime you have in your local neighborhood the more reason to get insurance for your valuables. Know that this will also play a role in the cost of your coverage and making sure you are fully protected.
Sixth: Contact Strickler Insurance For A Free Quote On Valuable Possession Insurance
At Strickler Insurance we provide insurance for your valuable possessions. Valuable possession coverage can be grouped with your existing insurance coverage. This provides better rates and better coverage. Contact us today for a free insurance quote!