Purchasing expensive jewelry, silverware or other valuables for your house can provide a sense of luxury within your personal space, but it can also complicate your home insurance policy. While every policy is different, there are usually limits that you can claim on one specific item or valuable in your basic policy.
In many cases, insurance companies will put a set limit on the maximum you can claim for specific items. For example, jewelry or that expensive silverware may only be covered up to $2,000, even if your policy allows you to claim as much as 50 percent of the total policy amount for furniture and other items in case a fire or similar situation results in a total loss of personal property.
The limits that are set on valuables can vary based on the policy, so you may need to evaluate your plan to determine the specific limitation amount.
Buying Additional Protection
If a single item costs more than the amount that your insurance provider will offer in coverage, then it may be time to consider additional coverage for the item. It is usually appropriate to protect all of your valuables on a separate policy unless your insurer will pay for the full replacement cost of the item.
Additional coverage may be added to your plan whenever it is needed, so it may be possible to add to your policy after receiving a gift or making a new purchase for your home.
Protecting the high-cost items that you keep in your home often requires additional protection to ensure that your belongings are safe in case a fire, theft or similar disaster occurs. Contact us to speak to an agent for more details about your options today.