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Home Insurance – Are My Valuable Items (Jewelry, Watches, Art) Covered?

Chances are a homeowner’s policy isn’t nearly enough to replace your valuables if they are lost, stolen or damaged.  For example, money, coins, jewelry, furs, and other items have sub-limits in your homeowner’s policy.  This gives you minimal protection for personal property.  A standard homeowner policy may also limit the perils or cause of loss for which an item is covered.  Jewelry, for example, may only be covered for theft.  This is why owners of unique collections rely on separate Valuable Articles insurance.  Fortunately, many insurance companies allow you to ‘schedule’ these items on your policy for an additional premium.

Jewelry (especially wedding and engagement rings), watches, and furs are the most common items you would want to consider scheduling.  Here’s a partial list of items considered valuable enough to be insured under a valuable articles forms that you might not otherwise consider –

  • Stamp collection
  • Coin collection
  • Star Wars figurine collection
  • Beanie Baby collection
  • Swarovski Crystal collection
  • Collectible plates
  • Political memorabilia
  • Civil War surgical collection
  • Wine collection

Okay…okay…but what are the chances of something happening to me versus the additional premium to schedule these items?  The truth is that in a difficult economy, the number of thefts is on the rise and the tough economy makes it harder for individuals to replace an item out of pocket. 

Fortunately, many insurance companies allow you to schedule these items on your policy for an additional premium.  Another option is a ‘Stand-alone Fine Art and Valuable Articles Program.  This type of program can be designed to meet your needs with different policies offering the following features:

  • Agreed Value, Current Market Value or a combination of both with All-Risk, Worldwide Coverage (including breakage and mysterious disappearance)
  • No per item limitations
  • Coverage available for personal collections while on loan to museum exhibitions
  • Blanket or scheduled items coverage
  • Consideration for any type of collectible including wine, musical instruments, antiques, stamp and/or coin collections, sports memorabilia and collectible figurines

Now that you know…don’t let your valuables go without the coverage needed to replace them if something were to happen.

Most of this information has been brought to you by Big “I” Markets and Two for Tuesday, a weekly newsletter.


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