If you check your homeowners insurance, the personal items typically covered are:
furniture
appliances
jewelry
coins
collectibles
If you have more valuable possessions in your home, consider obtaining home contents insurance or the specialized home insurance policy called personal article insurance floater. Among treasures covered
jewelry collections
rare collectibles
wines
antiques
small sculptures
postage stamps
paintings by highly recognized artists
fur coats
art objects
fine china
rare coins, books and collections
The personal article floater covers valuable objects at amounts agreed upon between you and the insurer. Usually, it does not have deductibles, so you receive the full amount of coverage in case something adverse happens. The floater also covers your possessions in all types of risks, unless a specific risk is clearly written out as exclusion.
A floater has also an attractive provision called mysterious disappearance. This covers a loss of a possession even if the cause of the loss is unknown.
There are also other things you can do to ensure that your valuable possessions are adequately covered. They include the following:
Make an inventory of your treasures. Catalog them using a digital camera or a video camera. Record dates, prices, special characteristics and other relevant information. Keep a folder for your receipts and a CD for your records and images.
Have your precious items appraised by specialists. Your jewelry should be appraised by a jewelry appraiser, your stamps by a philatelic service, your painting by an art appraiser and your rare coins by a coin appraiser or dealer.
Make your own research on the Internet about personal article floaters and do some home insurance comparisons.
Consult with your home insurance company about cost-effective preservation measures that would minimize risks to your possessions, such as using burglar protection systems.
Consult your home insurance broker about the floater and how it affects your home insurance costs.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.
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