Insuring Valuables: What Are Your Options?


When you purchase an expensive piece of jewelry or other high-value item, you need to make sure that you have proper insurance protection to go along with it. After all, if you have made a significant investment in a piece of jewelry, a watch, or a valuable piece of art—why would you want to take any chances?

You need to be aware that your homeowners insurance policy will provide some coverage for valuable items, but it may be limited and likely not sufficient for covering things like firearms, jewelry, watches, artwork, silver, furs, and antiques. A standard homeowners, condo or renters policy might only provide up to $500 in coverage for these items. Those policies may also limit coverage for theft or mysterious disappearance. How does your policy cover valuables such as these? It is important to know the answer. We suggest talking to your Watkins Insurance Group advisor right away if you have any concerns about these types of items.

If You Don’t Have Enough Coverage, How Can You Fix it?

In some cases, you can just increase the limit on your policy for the items in question; for example, increase the limit of your jewelry theft coverage to an acceptable amount. In other cases, you may be equally concerned about coverage for mysterious disappearance or loss of the item. For those concerns, you can purchase a scheduled personal property rider, endorsement, or floater that will cover each high-value item for its appraised value, as well as provide all-risk coverage. This type of coverage is typically quite affordable and will be well worth the extra premium should the worst happen.

Remember to have your high-value items reappraised and your coverage for them reviewed and adjusted every 3 – 5 years.

Contact an advisor at Watkins Insurance to discuss insurance for your valuables. We can answer all of your questions and make sure you get the coverage you need for your protection and peace of mind.

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