The Importance of a Separate Valuables Policy

by Gulfshore Insurance

With the start of the new year and the holiday season behind us, you don’t want to forget to insure expensive gifts so they can be enjoyed for years to come! To avoid the possibility of financial loss, consider purchasing a separate valuable items policy.  Here’s what you need to know.

Although a standard homeowners policy protects your home and what’s inside, there’s usually a limited amount of coverage on valuable items such as jewelry, art, wine, antiques, and other collectibles. It’s recommended to purchase a separate valuable items policy to protect these items in the event they are lost, stolen, or damaged. You can purchase a blanket coverage for valuable items which are not itemized.

For scheduling coverage, the first step to take is inventorying your valuable items and determining if they exceed your homeowners policy limits. If you’re unsure the value of your items, it is recommended to get them appraised. A trusted advisor can recommend a reputable appraiser if needed. If this is your first time getting a valuable item appraised, you should consider having heirlooms and other previously purchased valuables appraised as well. Expensive items can go up or down in value.

You will need to forward a copy of the receipt to your insurer so that the company knows the current retail value of the item. Keep a copy for yourself and update your home inventory. Get into the habit of keeping a visual record of all of your personal possessions. Include information such as date of purchase, place of purchase, serial number, and original value. This helps to document your loss and speed up the claims process, particularly for claims involving antiques and rare pieces of jewelry.

A separate valuables policy is a great way to have broader coverage and protect your valuable items against potential hazards. Remember to properly insure any expensive gifts you may have received this holiday season!

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your high net worth risks and exposures. Gulfshore Insurance services Naples, North Naples, Port Royal, Park Shore, Pelican Bay, The Moorings, Naples Beach, Marco Island, Bonita Springs, Sanibel Island, Captiva, Fort Myers, Sarasota, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.