With Mother’s Day, wedding season and family vacation getaways on the horizon, it is the optimal time to explore if your insurance policies cover your irreplaceable treasures … jewelry, furs, antiques and collectibles. All insurance policies should be checked on annual basis to make sure the information contained in the policy is accurate, correct and covers your current “life situation.”

 Many policyholders assume that their homeowners or renters insurance will cover valuable articles. Many policies do, to a point. Most Homeowners policies have a provision for “contents coverage” which protects the individual items that are contained under the roof of your home (your personal property).But each individual homeowners or renters policy has individual amounts of coverage, depending on what the policyholder requested and needed. Contents coverage has caps and ceilings on specialized high value luxury items such as fine arts, collectibles, furs and jewelry. Insurance carriers have limits on what they will cover in case of loss or damage,

Many insurance companies require high value items to be insured under personal property riders or amendments that will provide specified insurance for those opulent items.It is a good idea to check with your insurance agent when purchasing a luxury item to assess if your current coverage is enough.

 Four simple steps to make sure that your cherished and prized items are secured are:

  1. Have all the items that you wish to be covered evaluated by a reputable jeweler or appraiser. Have the value documented, photographs of the item taken and present this information to your insurance provider. It will help to assess if the current coverage you have is adequate or if an additional rider is needed
  2. Keep all original receipts of your purchased in a safe place and forward copies to your insurer as backup.
  3. Make an inventory checklist of all the items that you assume are covered under your homeowers/renters policy. This will help you if you need to file a claim.
  4. Lastly, once a year, call or visit your insurance provider and review what is currently on your policy.

 We never expect that we will lose the things that are precious and irreplaceable, but that is what insurance is for. The “what ifs? Your customer service executives are there for you. It is our responsibility to make sure your questions are answered and you feel comfortable, secure and informed as to what your insurance policy does and does not provide.