Valuable Articles Coverage
Every home, condo and renters/tenants insurance policy provides only a limited amount of coverage for specific categories of personal property. These are referred to as “Special Limits” on your policy and include but are not limited to: jewelry, furs and silverware. The limit per loss for stolen items in these three categories is typically never more than $5,000 to $10,000 and depending on your specific policy it may be much less.
There are two ways you can overcome a limited amount of coverage for specific types of personal property. You can increase the “Special Limits” on your policy for your specific type of property or you can schedule (specifically insure) your property on a valuable articles policy. The latter approach is preferred because: 1) it provides specific limit for a valuable item 2) scheduled items are not subject to the policy deductible and 3) scheduled items are typically provided the broadest perils (causes of loss) coverage.
Valuable articles coverage is also the best way to protect the possessions you cherish most such as: paintings, sculpture, antiques and other fine arts, collectibles and memorabilia.
When purchasing valuable article coverage make sure your policy provides agreed value coverage. If it does not, we suggest you add it. This insures that at time of a total loss you can collect the exact amount you insured an item for.
We suggest you review the complete list of “Special Limits” for personal property on your policy. This will help you determine if the “Special Limit” for any category is a concern for you. If you have any questions or need coverage call us.