You have a beautiful 14k gold bracelet. Or maybe you just acquired a piece of art you’ve been saving to buy for years. And it’s in your home so it’s covered by your homeowner insurance. Right?
The answer is “not necessarily.” Standard homeowner policies do cover items such as artwork, silver, stamp or coin collections, cash, jewelry, furs and artwork. But those same standard policies have coverage limits.
So to protect those individual, high value items, we recommend adding an endorsement, i.e. added insurance specifically for individual items that are listed, described and valued. There is an additional cost for an endorsement; it’s based upon the type of item being insured, where you live and where the item is kept. (Keeping seldom-worn jewelry in a safe-deposit box will result in a lower premium.) And of course the peace of mind this added protection brings is priceless.
Here’s a quick “how to” check list for protecting your expensive possessions
Make a copy of the store receipt as proof of retail value
Get an appraisal from an expert. (This is the most vital step to establish value.)
Have the item(s) added as an endorsement to your homeowner policy.
Keep copies of all of the above (photos, videos, receipts, appraisals) in a safe deposit box.
If you have valuables that are worth more than $1000 or $2000—don’t put recovery of their value at risk should you have a loss. Talk with the local, professional agents at a Cushman Insurance Group agency—Brockton, Halifax, Lakeville, Norton, South Attleboro, South Boston.
Cushman Insurance (Brockton, Lakeville, Halifax); Ora A. Andrews Insurance (Norton, S. Attleboro); T. Robert Sullivan Insurance (S. Boston) are the affiliated agencies comprising the Cushman Insurance Group.