Whether it’s an expensive and shiny gift for Valentine’s Day, a wedding ring, a valuable painting, or a family heirloom, you may wonder – does my home insurance cover high-value belongings? This is a great question, and the answer may not be as clear cut as you think!
🔎 Finding Clarity in Your Policy’s Coverage
Home and renters insurance policies typically include a limit of coverage for personal property, subject to a policy deductible. It’s easy to think “Well, if this amount is higher than my ring’s value, then nothing to worry about, right?” That isn’t necessarily the case. Policy personal contents limits generally exclude, or only severely limit, coverage when it comes to types of high-value items such as jewelry, firearms, and other types. In addition, the most common types of losses for high-value belongings, sudden disappearance (i.e. diamond falls out) and theft, are generally excluded from covered perils.
⚠️ It’s good practice to reach out to your insurance agent if you are unsure of your policy limits, its scheduled items, or if you want to simply explore your coverage options.
To overcome this potential gap in coverage, you may consider “scheduling” your valuables on your home or renters policy’s Inland Marine. To put it simply, this means having your agent specifically list your high-value contents on the policy. This usually requires a detailed description and value for each item you desire to insure, as well as a copy of any applicable appraisal(s) and photo(s) that may be required by underwriting for processing.
While scheduling personal property may cost you a bit more in premium, it is generally inexpensive, especially considering it may provide protection for your scheduled valuables against sudden disappearance and theft, and generally carriers its own low or $0 deductible per item in the event of a covered loss.
🤝 Let Us Do the Work for You!
If you are interested in having your home, renters, car, jewelry, boat, ATV or more rated across multiple insurers, give our team a message and we will be happy to take a look! We are a family-owned and operated independent insurance agency in Lincoln, serving clients just like you, for over 35 years.
Note: The examples and descriptions used throughout this article are for general information purposes only, not legal advice. All scenarios presented are fictional, any similarity is merely coincidental. Coverage is not guaranteed, rather they are subject to the decision of insurance underwriters and other authorities. Policy/coverage availability and limits can vary based on person, location and other variables. Please consult your insurance agent and review your insurance policies to understand your existing coverage and/or potential coverage options. Read our disclaimer.
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