18 Dec Protecting Your Valuables: The Need for Personal Articles Insurance

Most people have a standard homeowner’s insurance policy that covers not only the outside of their homes and the structure’s themselves but also most of the contents. However, what happens if you have an expensive collection that exceeds the limits of your policy? This is where personal article insurance policies come into play.

What do personal articles policies cover? And how can you tell if you need one or not? Here are answers to those questions and more.

Standard Homeowner’s Insurance

A regular homeowner’s insurance policy covers quite a few things. Your property insurance will pay for certain damages to your home and any structures on it, like garages, sheds, and gazebos. It will also pay to repair or replace the appliances, furniture, clothing, and other things inside of the home, as long as they are within the policy limits. For the most part, the age of these items and their standard prices minus depreciation are what the insurance company uses to determine how much compensation you’d receive in case of a fire, flood, or windstorm. However, what happens if you have expensive items that exceed the limits of your policy?

Personal Articles Insurance

If you have any special collections or pricey items, like jewelry, watches, paintings, sculptures, silver, gold, and more, then you’ll need to expand your insurance protection to include personal articles insurance. These policies are customized in order to provide coverage limits that are based on the overall worth of your items. You’ll need to work with your insurance agent in order to determine how much insurance coverage is necessary in order to replace or repair items that may be pretty much irreplaceable.

Dealing with Coverage Limits

Since standard insurance policies have coverage limits, this extra insurance is necessary if you want to be fully protected. For example, if you have expensive art on your walls, as well as jewelry and watch collections, then you’ll have to pay for extra coverage on them. This could be done as either a rider on your existing homeowners’ policy or as a separate personal articles insurance policy. It all depends on how many expensive collector’s items you have, what they’re worth, and how your insurance agency sets up your policy. Keep in mind that you might need to produce receipts and images of these items as a part of your policy arrangements because the insurer will need to keep this proof of worth on hand.

Getting the Coverage That You Need

What it all comes down to is getting the insurance that you need in order to protect your valuables. You don’t want to be caught without the right amount of coverage should something happen to your home and its contents. Thankfully, personal articles insurance is always an option.

If you’re ready to purchase your personal articles insurance, homeowner’s insurance, or simply have questions on how much coverage you need, please reach out to Spivey Insurance. Our knowledgeable agents will answer all of your questions and more in order to provide you with the protection you need and deserve.