We all have at least one material item in our lives that we hold near and dear to our hearts…or has been held near and dear to our wallets after spending a pretty penny! Whether it’s your engagement/wedding rings, golf clubs, speed bike, or any other “toy”, you can protect it against loss, theft, or damages!
Let’s break down how and why you would insure these different items in today’s blog. Be sure to leave what toys you’d insure in the comments when you finish this short read!
What You Can Insure:
The possibilities are nearly endless, especially with this being the day and age of inventions hitting the stores nearly everyday!
- Jewelry / Watches
- Golf Clubs
- Speed Bikes
- Skateboards and Blades
- High End Clothing and Accessories
- Books
- Guns
- Collectables and Rarities
- Heirlooms
- Art
- Workout Equipment
- Etc.
Truly, if you have something that you find valuable, you can bring it up with your agent and see if there’s a way to cover your prized possession!
Homeowners Coverage:
We can assume that if you’re looking into further coverage for your toys and valuables, then you probably have Home insurance…at least we hope your priorities are in order!
Your homeowners would cover most items; however, there are restrictions for how much you can get under your homeowners policy. It doesn’t matter if the item is worth $250,000, you’re only getting $2,500 – if you don’t schedule it.
So, if it’s a particularly expensive item, you would get it insured under Inland Marine Coverage (IMC). IMC is a special policy that is otherwise known as a “personal articles floater”. This gives you coverage that must be scheduled with your agent, and added onto your policy.
*HINT* This would be a good time to do a Home Inventory! You can read more about that here.
All Perils:
This gives you coverage for those more “mysterious” claims; i.e. losing it on a vacation, having it stolen after date night, basically if you can’t prove what happened to it.
This is most commonly used for jewelry. If you have an engagement/wedding ring worth $10,000 plus, you’re going to want to schedule this and prove its value. It will be covered with no deductible and for any reason. This can be extended to those other valuables like: art, guns, collectables, etc. as well!
Now you’re ready to give your agent a call and get your policies all straightened out to keep your valuables covered for everything from damage to disappearance! And be sure to check out that Home Inventory linked above to make sure you have everything else taken care of under your homeowner’s policy!
If you have any questions about if a certain item in your life could be scheduled under one of these special policies, feel free to drop a comment below or give us a call or email!
Article written by contract writer and digital media coordinator: Candace Cox. You can reach her at socials@howardwebbins.com or candacecox96@gmail.com.
