Your valuables are important to you—and insuring them could be the difference between momentary sadness and total heartbreak – pardon the drama… but if you’ve ever lost a diamond ring, you get it.
Standard homeowners, condominium, or renters insurance policies include a limited amount of coverage for jewellery and other valuable items. However, many policies limit the dollar amount of coverage for the theft or loss due to a covered peril of such items. To properly protect certain types of valuables, additional coverage is available through a policy endorsement or floater.
Endorsements are additions to your homeowners, condominium or renters insurance policy that change or add to the policy’s provisions. The endorsement can cover property otherwise excluded from a basic homeowners insurance policy, extend the number of perils included, or increase the amount paid for a covered loss. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value. To determine each item’s value, an appraisal or sales receipt is typically required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item. Items scheduled are typically not subject to the policy deductible.
A separate personal articles floater policy may be used to schedule your valuable property that is subject to special limits under basic homeowners coverage.
Once you have an endorsement or floater, it is important to periodically review your policy’s coverage limits to minimize the likelihood of being underinsured due to outdated appraisals and inadequate limits of insurance.
The Cost of Coverage
The cost of coverage varies upon the item, but typically the fee is nominal. Our personal lines team of professionals can provide you with more information about coverage and an estimate for the cost of scheduling an item.
Some items that might require additional coverage are:
- Jewellery made of precious metals and gemstones
- Silverware (cutlery, teapots, trays, vases, etc.)
- Family heirlooms (furniture, paintings, etc.)
- Antique and hand-crafted furniture
- Hand-woven rugs, carpets and tapestries
- Costly musical instruments
- Original paintings and works of art
- Signed prints by famous artists
- Antique china, crystal, cutlery, lamps, mirrors and other decorative items
- Designer appliances
- Vintage wine collections
- Collectibles (stamps, books, glassware, etc.)
We’re here to Help
Before a thief steals your possessions or precious jewellery becomes lost, call Schill Insurance Brokers to learn more about the affordable ways we can help you protect the things you value most.