What Is Valuable Possessions Insurance?

Most homeowners’ insurance policies will only pay a certain amount for a single item, even if the value of your possession exceeds it. This means that, although you have a policy that covers the contents of your home, very expensive items might not be adequately insured. For this reason, many people purchase a special kind of insurance for their valuable possessions.

This kind of policy pays you for the entire value of your items, so you’ll be able to replace them. In addition to theft, events like natural disasters, floods, fires, and vandalism might be covered. Often, your insurance will pay even if you lose or break your item when you aren’t at home, for example, if a ring or necklace gets damaged while you’re wearing it. This isn’t the case with homeowners’ insurance.

Do I Need Valuable Personal Property Insurance? 

Whether you need to get certain items insured depends on several factors. First, it’s worth considering the value of your possessions and how much of this your homeowners’ insurance will cover. If there is a big difference between what’s already covered and what you’d have to pay yourself to replace the item, getting specific personal property insurance could be a good idea.

It’s also important to think about your financial situation and whether you would want to replace the item. If the object has sentimental value, you might not simply want another, in which case insurance might not be so important because you wouldn’t buy a replacement. On the other hand, possessions that act as investments, for example, antiques or artwork that is likely to appreciate in value, need to be covered.

How Can I Find the Best Insurance Company? 

People who are not sure whether they need personal property insurance or those who are worried about overpaying can contact their local insurance company and discuss the issue. A good agent will spend some time going through your financial situation, the valuable items you have, and your plans for the future. Then, they can find individualized quotes for you.

Together with your agent, you will have a look at the top insurance companies and compare what they have to offer. That way, you can find a policy that covers all your risks, but you won’t be paying for anything you don’t need.

If you have very valuable belongings, you might need to take out insurance to reduce your financial risk. There are many policies available, and they can be tailored to your unique situation. Give us a call at ISU Armac to find out more about valuable belongings insurance and to get a quote. We can help you find the most comprehensive and cost-effective option, so your possessions are protected.