Valuable Items Insurance

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Doesn’t my homeowners or renters policy already cover jewelry?

Only up to a small built-in amount for certain categories. The California Department of Insurance explains that personal property coverage is limited on types of property especially likely to be lost or stolen, including jewelry, antiques, furs, collectibles, fine arts, firearms, silverware and money, and that these limits sit inside your overall contents limit rather than on top of it. CDI’s advice is to add an endorsement, sometimes called a rider or floater, that specifically schedules items valued above those special limits. Source: CDI, Residential Insurance: Homeowners and Renters. An engagement ring stolen from a gym locker can run into the special limit fast.

What does scheduling an item do?

• Lists each item with its own value — the ring, the watch, the painting, each with a description and an appraised amount.
• Broader causes of loss — many floaters cover accidental loss and mysterious disappearance, like a stone falling out of a setting, not only theft or fire.
• Coverage away from home — usually anywhere in the world, including travel.
• Often no deductible — on many scheduled items, depending on the form.
• Clear settlement terms — the policy states whether it repairs, replaces, or pays the scheduled amount.

What kinds of items can be scheduled?

Jewelry and watches, fine art and sculpture, silverware, furs, firearms, rare coins and stamps, sports memorabilia, musical instruments, cameras, wine collections, and bridal sets. Collections usually go on a blanket limit with a per-item cap, while one-of-a-kind pieces are listed individually.

What valuable-items coverage usually excludes

Wear and tear, gradual deterioration, damage from cleaning, repairing or restoring the item, insects and vermin, and items used in a business unless the policy is written for that. Breakage of fragile items such as glass and ceramics may need its own option.

How do I prove what my valuables are worth?

With documents made before the loss. CDI recommends keeping an inventory with purchase dates and prices, photos or video of important and valuable items, and updating inventories, appraisals and photos periodically, stored away from home. Source: CDI residential insurance guide. Values change, especially for gold and art, so revisit an appraisal every few years.

How much does valuable items insurance cost?

Scheduled coverage is priced mainly on the insured value of each item and the type of item, since jewelry, fine art, firearms and collections are rated differently. Where the items are kept (a home safe, a bank safe-deposit box, or worn every day), home security, your ZIP code, and past claims also count. Because the price follows the scheduled value, keeping appraisals current keeps the coverage and the premium in line with what the items are actually worth.

What we need to quote valuable items coverage

• A list of items with descriptions, serial numbers where they exist, and the value you want insured.
• Recent appraisals, sales receipts, or certificates (for example, a gem grading report).
• Clear photos of each item.
• Where items are kept: safe, safe-deposit box, or worn daily.
• Your current homeowners, condo or renters policy, since floaters are often added to it.

Insurance City is an independent brokerage in Stockton. We compare floater options from the carriers we represent and show how each one settles a claim. Call (209) 670-1556 or request a quote below.