Protecting Your Assets
It’s February, which means we have finally shaken off the holiday funk and [hopefully] found our rhythm in 2019. As we use the gadgets we picked up for Christmas, and look forward to a great Valentine’s day – here’s everything you need to know this month to make sure you’re covered in a big way.
Insuring Your Valuables
Do you have valuables in the house that are a substantial loss if they turn up missing? If so, you probably know you should consider additional insurance for them, because basic homeowner’s policies generally have limits on how much they’ll cover, especially in the case of theft.
Create a home inventory
Go room by room to pick out valuable items and write them down. Art pieces and decor, jewelry, expensive electronics, and collectibles are all noteworthy items. Don’t forget to walk through your garage and attic for more valuable items. Not only will this list help you in the case of a tragedy like a fire, but also gives you something to send to your insurance agent to help determine the personal belonging coverage you may need. Keep the list on your phone notes and back it up to the cloud so you never lose it!
How to schedule your items
Take your home inventory list and make sure to assign monetary values next to the item. It is also worth taking a few of the items to be appraised – especially for jewelry and collectibles.
Hand this list off to your agent and be prepared to determine whether you’d like to schedule your items under your homeowners policy, or introduce a blanket policy.
Theft and Mysterious Disappearance
Does home insurance cover theft?
Yes, but it depends…
Standard homeowners insurance policies will cover your personal belongings if they are stolen inside or outside your home. Whether you are pickpocketed from in the street, or someone walks into your garage and takes your bike, you would be covered by your homeowners insurance policy. The most important thing for you to distinguish however is whether you are covered for Actual Cash Value (ACV) or Replacement Cost Value (RCV)].
What isn’t covered in theft?
Your homeowners insurance will cover mostly everything that can be stolen, with a few exceptions and caveats. Some things cost an above-average amount of money to replace, and for that reason, standard insurance policies limit the dollar amounts they will reimburse if these specific items are stolen. Two of those items are cash and jewelry. If your car is stolen, your homeowners policy will not cover that cost either. You need comprehensive insurance through an auto policy to be covered for car theft.
Make Sure These are Covered
These are the biggest items in your house that you may not realize need to be scheduled. Take a few minutes to take an inventory and pass along to your insurance agent to save you a world of heartache is something were to happen.
Jewelry floaters are the best way to insure valuable jewelry. Items insured under a floater are normally covered for any type of loss – at the value indicated on the floater. A jewelry floater, also called a rider, is an endorsement attached to an insurance policy to add coverage for specific items of jewelry. Jewelry floaters add to the premium of the policy – but are a wise investment for those who wish to protect valuable jewelry.
Like jewelry, guns are covered under your homeowners insurance, but be aware of Limitations. Guns are covered under your homeowners insurance (like other personal property) for loss, theft or damage. A standard homeowners policy typically provides up to $2,500 in coverage for lost, damaged or stolen firearms.
Don’t Wait for an Incident to Occur
Procrastinate in buying the gifts, not insuring them
It goes without saying that once an incident has occured to your personal property, it will be up to the current standing of your policy to do what it is set up to protect.
How long is the scheduling process?
You may be surprised how easy it is to protect your greatest assets. Often times your home insurance already has plenty of coverage to make sure in instances of loss, you will not miss a step. On another hand, you may elect to have multiple items appraised and then covered, to which could take up to a week or more to complete the entire process. Although your agent will be there to walk you through the process.
Take a look at your policy to see how your personal property is currently being covered. Knowing where you stand is one of the most valuable things you can do for protecting yourself and your family in the future.