Whether you have a large, complex valuable collection or just want to cover your most precious jewlery, insurance for valuable possessions may be for you. While renters or homeowners insurance may cover some personal belongings, more expensive items may require additional insurance coverage.
The Kastendike Insurance Group specializes in protecting customers against the unexpected. In the event of theft or damage from a covered event, our insurance professionals can ensure that you have the right amount of insurance coverage for valuable possessions.
What Are Some Examples of Valuables that Require Insurance Coverage?
“Valuables” refers to items that are expensive, rare, or collectible. Possible examples where it might be advantageous to purchase insurance for valuable possessions include:
- Fine jewelry
- Expensive watches
- Artwork
- Furs
- Fine dishware
- Coin, stamp, and sport card collections
Determining If Customers Need Additional Insurance Coverage for Valuable Possessions
Not sure how much your valuables are worth? Kastendike Insurance Group’s insurance agents will often recommend appraisals on these items to help determine if a standard home insurance policy coverage offers enough protection or if customers need more coverage. For instance, many standard home insurance policies only cover up to $1,500 in jewelry.
Additionally, it helps if homeowners keep an up-to-date inventory of their valuables. To ensure the maximum replacement value, this inventory should include:
- Description of each valuable item
- The valuable’s original value
- When the item was purchased
- Receipts for these items
ACV vs RCV
With actual cash value (ACV), depreciation is included when calculating costs for damaged or stolen items. Kastendike Insurance Group can discuss the benefits to upgrading to a replacement cost value (RCV) policy, which will have payout without depreciation.
Questions About Purchasing Insurance for Valuable Possessions?
The Kastendike Insurance Group works with clients to help them understand the benefits of insuring high-priced valuables. For questions about insurance for valuable possessions or other forms of personal insurance coverage, call us today at 443-501-9388.
