Parts of the Valuable Collection (Değerli Eşyalar) in Dolmabahçe Palace. (Photo credit: Wikipedia)
The standard coverage for valuable items in your possession with a homeowner’s or
renter’s policy usually allows $1,500 per item for jewelry, furs and large electronics and
$2,500 for expensive firearms, collections and silver. These amounts are not adequate if
you own any of the following:
- Expensive gems and Jewelry
- Valuable Artwork Collections
- Large quantity of silverware, ingots or bars
- Expensive china or crystal
- Rare coin or stamp collections
- Large cellar of expensive wines
- Musical instruments
- Multiple fur coats such as Sable or Mink
- Custom golf club sets
- Firearms collections
- Very valuable appraised antiques
For coverage of these items, talk to your insurance agent about additional “Valuables”
protection at $1.00 per $100.00 of value. The values of your items must be reasonably
documented or determined by a reputable appraiser. Keep all documentation, such as
pictures, appraisal documents and sales receipts safe in an offsite location like a safety
deposit box, home of a relative or in your lawyer’s office.
Also important when buying insurance to cover your precious valuables, you will need
to discuss with your insurance agent the replacement value versus cash value options. An
expensive antique pitcher and wash basin which may be appraised at $25,000 would only
be covered for a fraction of that cost for “replacement” value.
Valuables insurance coverage will also protect against “mysterious” losses to jewelry,
water damage to your item if it was from damage to roof or windows that was the result
of storm or wind, and mold damage from those same elements. Basic homeowner’s
policies do NOT cover floods, earthquake and mudslide damage, or water damage from
inadequate maintenance.
Additional item coverage can be purchased also for a specific painting, a wedding ring or
any other very valuable item with blanket specific riders or a “personal articles floater”
for those items valued at over $50,000. Blanket coverage at $2,500 per item limit is
another option. Your insurance agent will be able to determine which is best for you.
