Insurer USAA posted an article titled “Are Your Prized Possessions Protected?” explaining the basics of homeowners insurance coverage and when valuable personal property insurance might be needed. Antiques, fine art, silver, jewelry and several additional items can be covered under a specialized policy. Included in the article is a list of steps to follow to get the most protection:
- Check your current coverage. Before getting an additional policy, review your homeowners or renters policy and fully understand what the policy covers and what it doesn’t.
- Update the appraisals. Keep appraisals current (at least every five years), and notify your insurance company if the value changes. Appraisals should be done by a certified professional appraiser with expertise and credentials in the type of item you are insuring.
- Keep all documentation. Proof of ownership is required when you report a loss, so the more paperwork you have — receipts, appraisals, financing statements, and repair or cleaning bills — the easier it will be if you have to make a claim.
- Details matter. Provide your insurance company with a full description of each item. For example, if you are insuring a diamond ring, you want to list the cut, clarity, carat, color, number and measurements of the diamonds, and the type of gold — the more detail the better.
- Do your part. Keep your valuable possessions properly cleaned, maintained and safely stored to avoid damage, loss and theft.
An important part of special coverage is to have your valuable items appraised by a qualified appraiser, and updated every 5 years.
Source: USAA website