Do You Need Valuables Coverage?
If your holiday time includes expensive items such as jewelry, furs, art, antiques, fine furniture, and other valuables, consider valuables coverage to protect the financial value of the items. Choose from:
a) a list or "schedule" or of individually-listed items covered, or
b) coverage for categories such as jewelry, fine arts, etc.
Scheduled items will need to be appraised by a third-party appraiser, or have their purchase price documented.
One consideration in buying valuables insurance is whether you need, and not merely the sentimental value. Another criteria: if the item is likely to appreciate in value, check out valuables coverage.
Collectibles insurance
If you're a collector, a collectibles policy might be appropriate. It provides a few thousand dollars of coverage for a small premium. As Homeowners or renters coverage might pay only a small reimbursement if these items are stolen or damaged. It will also protect you against more risks than homeowners coverage. Homeowners insurance may cover personal property for actual cash value and not replacement cost, depending on the policy. That means reimbursing the actual cash value (original cost, minus depreciation) of the items, and not for the price of new items to replace any that are damaged.
Even if you your homeowners policy has a large amount of personal property coverage, you might have a "sub-limit" of $2,000 for jewelry. In that case, a new pair of diamond earrings, combined with a diamond ring, might push the value of the jewelry above the limit. (Even replacement-cost policies have sub-limits for certain types of property such as furs and jewelry.)
Homeowners Gift Coverage or Renters Gift Coverage
Homeowners or renters insurance protects most consumers' valuables. Personal property is covered with Homeowners for a percentage of the insured value of the home. For instance, a $200,000 home might have its possessions insured for 50 percent of that amount. While $100,000 might seem like a large number, the value of your items, your electronics, furniture and kitchen appliances in the home adds up. Homeowners coverage will reimburse a consumer if those items are damaged by fire or stolen.
Your Christmas gifts are automatically insured by homeowners or renters coverage. But that coverage might be limited, so it's timely to check your insurance now.
There are two limitations on coverage for possessions: 1) risks covered and 2) amount of coverage
Homeowners policies provide coverage for, at a minimum, loss or damage of property due to fire, lightning, and windstorm as well as theft and vandalism. Depending on the policy, additional risks such as water damage may be covered.
However, for personal property, some typical risks might not be covered. At Niceville Insurance Agency, we have the answers you need to feel confident that your valuables are protected.
Niceville Insurance Agency serves the entire state of FLorida. We can provide coverage for all of your insurance needs in Okaloosa, Walton and Santa Rosa Counties including, but not limited to these Gulf Coast cities: Niceville, Crestview, DeFuniak Springs, Destin, Fort Walton Beach, Freeport, Mary Esther, Miramar Beach, Navarre, Santa Rosa Beach and Shalimar.
We fully recognize the reason for our success is our customers. "We Insure People First" has earned Niceville Insurance Agency the reputation of being the most trustworthy, knowledgeable and customer friendly independent agency along the Emerald Coast.
If your holiday time includes expensive items such as jewelry, furs, art, antiques, fine furniture, and other valuables, consider valuables coverage to protect the financial value of the items. Choose from:
a) a list or "schedule" or of individually-listed items covered, or
b) coverage for categories such as jewelry, fine arts, etc.
Scheduled items will need to be appraised by a third-party appraiser, or have their purchase price documented.
One consideration in buying valuables insurance is whether you need, and not merely the sentimental value. Another criteria: if the item is likely to appreciate in value, check out valuables coverage.
Collectibles insurance
If you're a collector, a collectibles policy might be appropriate. It provides a few thousand dollars of coverage for a small premium. As Homeowners or renters coverage might pay only a small reimbursement if these items are stolen or damaged. It will also protect you against more risks than homeowners coverage. Homeowners insurance may cover personal property for actual cash value and not replacement cost, depending on the policy. That means reimbursing the actual cash value (original cost, minus depreciation) of the items, and not for the price of new items to replace any that are damaged.
Even if you your homeowners policy has a large amount of personal property coverage, you might have a "sub-limit" of $2,000 for jewelry. In that case, a new pair of diamond earrings, combined with a diamond ring, might push the value of the jewelry above the limit. (Even replacement-cost policies have sub-limits for certain types of property such as furs and jewelry.)
Homeowners Gift Coverage or Renters Gift Coverage
Homeowners or renters insurance protects most consumers' valuables. Personal property is covered with Homeowners for a percentage of the insured value of the home. For instance, a $200,000 home might have its possessions insured for 50 percent of that amount. While $100,000 might seem like a large number, the value of your items, your electronics, furniture and kitchen appliances in the home adds up. Homeowners coverage will reimburse a consumer if those items are damaged by fire or stolen.
Your Christmas gifts are automatically insured by homeowners or renters coverage. But that coverage might be limited, so it's timely to check your insurance now.
There are two limitations on coverage for possessions: 1) risks covered and 2) amount of coverage
Homeowners policies provide coverage for, at a minimum, loss or damage of property due to fire, lightning, and windstorm as well as theft and vandalism. Depending on the policy, additional risks such as water damage may be covered.
However, for personal property, some typical risks might not be covered. At Niceville Insurance Agency, we have the answers you need to feel confident that your valuables are protected.
Niceville Insurance Agency serves the entire state of FLorida. We can provide coverage for all of your insurance needs in Okaloosa, Walton and Santa Rosa Counties including, but not limited to these Gulf Coast cities: Niceville, Crestview, DeFuniak Springs, Destin, Fort Walton Beach, Freeport, Mary Esther, Miramar Beach, Navarre, Santa Rosa Beach and Shalimar.
We fully recognize the reason for our success is our customers. "We Insure People First" has earned Niceville Insurance Agency the reputation of being the most trustworthy, knowledgeable and customer friendly independent agency along the Emerald Coast.
