From jewelry to musical instruments, artwork to stamp collections, you probably own some valuable items. With a valuables insurance policy, you can receive extra coverage on your valuable items above what your homeowners, condo, or renters' policy may cover.
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Valuables insurance is actually a rider that is added to your existing homeowners, renters', or condo insurance. A rider just means that you are adding something extra to your policy that is not already covered.
With a valuable insurance rider, you are adding coverage to an expensive item that likely isn't covered by your existing policy. This could be an engagement ring or other expensive jewelry items, expensive pieces of artwork, a bike, etc.
A standard homeowners policy would not likely cover these items in the event they are stolen, vandalized, or destroyed.
Aside from the examples given above, valuables insurance can cover a wide variety of items, such as:
Increased coverage: You current home, renters', or condo insurance policy may have something called 'sub-limits'. This means you may have $100,000 in personal property coverage, but only $5,000 of coverage on jewelry. If you own a piece worth $10,000, you won't receive more than $5,000 is something were to happen to that piece.
Accidental loss coverage: Most insurance policies won't offer you any kind of protection if you accidentally lose a valuable item. If you lose a piece of jewelry at an airport, grocery store, or gym, it probably isn't covered under your current insurance. With valuables insurance, as long as the item was covered, you'd be protected against accidental loss.
Low or no deductibles: Personal property coverage on you current home, renters', or condo insurance may have a high deductible, say $2,000. If you own an instrument worth $2,500 that is stolen, you'd have to pay your deductible of $2,000, meaning you only receive $500 to replace the instrument. Valuables insurance often has very low deductibles, such as $50 or $100.
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