Insuring Valuables

Valentine’s Day is less than a week away, which means it is time to make sure that you find the perfect gift for that someone special. If you are planning on buying an extra sparkly gift for your loved one, you are not alone. More than $4 billion are spent on Valentine’s Day jewelry each year. When looking for the perfect piece of jewelry, it is important to make sure that you also invest in the right insurance policies to provide protection for your assets.

While your homeowner’s insurance policy will provide some coverage for your personal property, it may not be enough protection. The personal property protection that is provided by homeowner’s insurance policies has a dollar limit on the amount that they will cover. If you are planning on buying a valuable piece of jewelry, your existing coverage may not be enough.

There are two main choices to properly protect your valuables. The first choice is to increase your personal property coverage within your home insurance policy. Keep in mind that increasing your personal property coverage will not provide specific coverage for your valuables; it will simply provide extra protection for all of your belongings.

The second option is to schedule your items within your homeowner’s insurance policy. When you schedule items, it will provide specific coverage for the items you list. Most insurance companies will require that you provide the value of the item by either getting it appraised or providing the receipt. Scheduling items will also provide additional coverage that is not offered by typical personal property coverage, including coverage for mysterious disappearance.

Contact the insurance professionals at Michelle Lim Insurance Services Insurance in Alhambra, California for all of your homeowner’s insurance needs. We will work with you to ensure that you have the right amount of protection, all at the right price.