What do the Stanley Cup and your wedding ring have in common? They are both valuable, but they aren’t only valuable because of their cost. While you probably can’t insure your ring for $1.5 million, it is a good idea to ask: Are you protecting your valuables properly? These kinds of items, along with family heirlooms, art, or other expenses often carry sentimental meaning that cannot be replaced, but it would only hurt worse knowing you aren’t covered to replace them in the result of a damage or loss. While your standard homeowners or renters insurance will help to cover some of the cost to replace these and other valuables, there is often a limit on the monetary cost, as well as the type of event that caused the damage or loss (named perils), such as theft. So how can you guarantee your valuables are protected properly and will be covered?
There are two types of additional coverage to protect your valuables:
An endorsement is an addition to your homeowners or renters policy which can change the limits of that policy. Endorsements can be used to increase the limit of the amount paid for your valuables should they be lost or damaged or to include other perils that the policy does not include. For example, if your homeowner’s policy will pay up to $1,000 to replace your valuables, you would be able to increase that with an endorsement, or if your policy protects items from fire damage, but not theft, an endorsement may be able to add theft as a covered peril. The valued items are compiled to a list, often with a brief description, and a receipt or appraisal of the item’s value is typically required to ensure the cost of the item will be covered. The valued items on the list are commonly not subject to the policy deductible.
This type of coverage is beneficial, as it give you an inventory and estimated cost of the items in your home.
Floaters are typically used to protect property that is easily movable, such as jewelry or a stereo system, and gives additional coverage over a standard home or renters policy to ensure the full value will be replace if stolen or damaged.
While the cost of these additions tends to vary depending on the items they are covering, it is the best way to protect your valuables from damage and to ensure you will receive the full value. If you have any questions about these types of additions or what the cost of coverage for your valuables may be, please call us at 724-929-2300 and one of our friendly agents will be happy to help get you the right coverage at the best price. Don’t leave your valued items at risk, get peace of mind and save with CSC Insurance.