Have a taste for the finer things in life? This article is for you!
Are you the artsy type? Love your expensive jewels? Enjoy a fine wine? Now you can
appreciate your fine items with peace of mind. You may think that your homeowner's
policy automatically covers all of your valuables at a full replacement cost, but
think again. A typical homeowner's policy only covers $1,000 for loss of jewelry,
watches, furs, and precious/semiprecious stones and may only cover you if the item
is stolen. Other fine items may be covered by your homeowner's policy, but without
the additional benefits that "scheduling" provides. Scheduling is the opportunity
to avoid a minimal, below value pay-out for your expensive treasures. Our companies
will give you the best options on the market to keep your expensive possessions
protected.
Details, Details, Details -- It may be best to "schedule"...
They say that the devil is in the details and that is why scheduling your high-end
valuables helps you from getting burned. All of our companies offer "Valuable Article
Coverage". This type of coverage gives you the ability to get the full value for
your art, jewelry, wine, other fine items and collections. A typical homeowner's
policy may cover these items but with a limit and they will have deductibles attached
to a loss. Additionally, a homeowner's policy would cover against fire, theft or
windstorm, but not if the item is lost. Here's how itemized or scheduled coverage
works; You would simply list or "itemize" your individual items along with proof
of value for the item and pay the appropriate premium. Then, if a diamond falls
out of your ring and is lost, the replacement of the diamond would be covered. You
would not pay a deductible or be concerned about depreciation of the item. So we
strongly recommend scheduling your valuable articles. It may be the best way to
protect the value of your finer things.
More Details... Another detail to consider is adding an "Agreed Value" aspect
to your valuable article coverage. All of the companies that we represent offer
an option that guarantees you the full amount the item is scheduled for. Without
this option, the company may give you the value that they can replace your item
for or they may offer a replacement item since many times the insurance company
can replace an item for less than the scheduled amount. If you do not specifically
carry "Agreed Value" coverage you may not get the value you were hoping for. At
Auto and Home, we are proud to represent excellent companies that give our clients
the products that meet their specific needs. Auto and Home agents are ready to review
your current policy, answer your questions and schedule your valuables today!
To "Blanket" or "Itemize"?
That is the question when dealing with your valuable items. Having a blanket policy
that covers art, jewelry, wine and other collections may be a smart way to keep
specific categories of your valuables protected. The advantage of blanket coverage
is that a collection of valuables, for example; fine jewelry, is covered up to a
certain value for that entire collection of items. You do not need to list or provide
documented values of all of your items in the collection. Keep in mind, with blanket
coverage there may be limitations on what and how much can be covered. Additionally,
if you have individual items within your collection that exceed $10,000 then blanket
coverage may not be your answer. You may, however, choose to add blanket coverage
for your lower valued items and specifically schedule your higher valued items.
Talk to your Auto and Home agent to discuss your valuable items and collections
to see if blanket coverage is right for you.
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