Your home / condo owners or renters insurance policy should be reviewed once a year to make sure your coverage is right for your current needs. One of the most common mistakes people make is to assume their valuable possessions are covered under their standard property policy. This is not true in most cases.
Some of the items that need extra protection include jewelry, furs, cameras, silverware, antiques, musical instruments, collections, fine art and manuscripts or books. Some policies don’t cover breakage, so if you have a collection of art glass or porcelain you may need special coverage as well.
Additional protection can be obtained by purchasing scheduled personal property coverage or a floater / rider. Rates are generally a small percentage of the total value of the items you are insuring. To determine the value, you’ll need to provide a receipt or hire an independent appraiser qualified to appraise the type of items you have.
Everyone’s policy is different, so check with your insurer to determine your needs. If you purchase new items you’ll need to add them to your policy as well. Review your policy regularly.
Insurance Coverage: Know Your Choices from A Homeowners Insurance Guide to Natural Disasters
What is Covered by Standard Homeowners Insurance? from the Insurance Information Institute
About the Author: Kathi Jablonsky, ISA CAPP is a certified appraiser of personal property designated in Antiques and Residential Contents with the International Society of Appraisers. She is based in Southern California and serves the San Diego and Palm Desert regions.