Fine Arts, Jewelry, Furs, etc.
You’ve worked hard to surround yourself with the finer things in life. Whether it’s one collection that’s a passion, several family antiquities, or you just have a taste for finer things, it’s important to adequately insure your prized possessions so that they are covered in the event of a theft, destruction, or damage by certain events.
Unfortunately, the average homeowner’s insurance policy does not typically cover the full value of these priceless possessions. That’s why you need to take out separate policies to cover them. Phoenix Insurance Group is here to help you protect your artwork jewelry, and other valuables you own.
What is Valuable Articles Insurance?
Your homeowner’s insurance policy likely has a limit of certain belongings, such as between $1,000 and $2,000 per household item type. This means that you may be unlikely to recover the full value of expensive items as part of your household insurance settlement.
The solution to this problem, in order to insure that your valuable items are fully covered, is to invest in valuable articles insurance. With this type of coverage, items are appraised and valued according to the value.
Some items will have an appraised or agreed upon value to recover in a loss event. On the other hand, other items will settle according to the actual cash value of the property or the costs of reasonably repairing or replacing the items that were lost according to the specific type of policy you purchased. It’s important to discuss your high value items with Phoenix Insurance Group in order to get the appropriate insurance protection for your prized possessions.
You should also keep an itemized list (complete with photographs, and receipts if you have them) of high value items in a safe place, such as a safety deposit box. That way, when the time comes to make your claim, you have a complete list of the items that are lost, stolen, or destroyed on hand.
What Does Valuable Articles Insurance Protect?
While it’s true that value is in the eye of the beholder, when it comes to insurance, value comes down to dollars and cents. It involves the cash value that can be assigned to a particular item. These are some high value items you can purchase a valuable articles policy to protect.
- Stamp Collections
- Coin Collections
- Instruments (Musical)
- Computers and electronics
- Wine Collections
- Golf Equipment
- Other Sporting Equipment
- Other items that have verifiably high values
The bottom line is that if you have items that have values exceeding your homeowner’s insurance limits, then you need to consider purchasing additional coverage to protect your investment in these items.
Make sure you have a realistic understanding of your collection’s value as well as the limits of your personal insurance policy before you dismiss the need for this important coverage.
Phoenix Insurance Group is proud to serve the Central and North New Jersey communities. Not only are we part of these communities, but we are dedicated to helping protect others who call them home from unnecessary financial hardships in the aftermath of burglaries and other covered damages.
Don’t just take our word for it. Call 908-879-6500 today to learn more about the wide range of valuable items insurance coverages we have to offer. Get a free quote and learn about the difference it makes to work with an insurance company that’s on your side before, during, and after your policy commencement.