3 Tips For Insuring Your Valuables

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If you own valuable property, such as jewelry, antiques, or art, then you probably want to ensure that everything is appropriately insured. After all, there is the possibility that your valuables could be stolen or damaged, and you could potentially take a big financial hit if this happens. The tips below can help you with protecting yourself and your valuables with an insurance policy.

1. Don't Assume You're Aready Covered

Some people make the mistake of assuming that their valuables are already covered through their homeowners' insurance policy. However, these policies are typically designed to cover basic household items and standard possessions. Your coverage might not be sufficient if you have valuable items like antique furniture or jewelry.

If you look over your insurance policy and talk to your insurance agent, you can ensure that your items are covered. You may have to purchase separate riders for your policy or increase your coverage. Your insurance company might also require you to provide proof that you own the items that you are insuring.

2. Have Everything Appraised

Having valuable items appraised is an essential step to take. Your insurance company might require you to both prove that you own the items that you are listing on your policy and prove their value, and you can handle both of these matters in one step by hiring a company that offers insurance appraisals. Then, you can help ensure that you get the full amount that you are entitled to if you have to file an insurance claim. Plus, you may find that having an appraisal done on your valuables will help you in other ways, too, such as if you choose to sell your items. Then, you will know how to price them, and you can show the appraisal paperwork to the buyer to prove the authenticity and value of your items. Consider getting a personal property appraisal if you do own valuables like these. 

3. Update Your Policy When Needed

Once you have your items appraised and have added them to your insurance policy, you might think your work is done. However, you should make sure you keep your policy up to date. If you buy new items to add to your collection, you should have them appraised and added to your policy as soon as possible so that you will be covered. If you sell or give away any of your items, on the other hand, you should remove them from your policy to prevent problems with your insurance company and to avoid overpaying for your insurance

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25 September 2019

Never Underestimate the Value of Old Items

When I was growing up, I remember my mother always scolding my dad for his shopping habits. I had no idea how much he had collected over the years until he recently passed away and I went into the attic of their home to clean it out. It was filled with so much stuff I just didn't know what to do with. I almost threw a lot of it out until my brother arrived and told me some things may be valuable. We ended up taking some antique furniture, a coin collection, and a few other items to be appraised and were very glad we didn't throw them out -- they were very valuable! I thought I would start a blog to share my experience and what I learned during the process of having many items appraised. I plan to post many tips, so come back soon!