TUESDAY, MARCH 30, 2021
Home insurance is designed to cover various aspects of your home from the physical property to liability claims and your personal belongings. Unfortunately, basic home insurance won’t cover everything. That is why it is important to find the right coverage for your home and ask about additional options from your insurer.
A basic home insurance policy will cover your personal items such as clothes, furniture, decorations, amenities, permanent fixtures and more from accidents involving:
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Wind
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Hail
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Lightning
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Smoke
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Theft
However, there is limited coverage for expensive items such as jewelry, furs and art. This is because these items cost more to replace or repair after an accident leading insurance providers to limit coverage for certain belongings. Typically coverage for these objects are capped at $1,000, but this can vary depending on your insurer.
Extra Insurance for High Value Items
If you have high value items, you can purchase endorsements for your personal belongings. Endorsements can extend the coverage you have for your furs, art, jewelry and other valuables. Endorsements can fill in the gaps left by basic home insurance to cover the remaining cost of your items. For example, say your jewelry is stolen for a total of $10,000. Basic home insurance only covers $1,000. With an endorsement, you can receive additional compensation to help with the remaining $9,000 minus your deductible.
Are High Value Items Covered Under High Value Home Insurance?
High value home insurance is insurance designed to cover homes around $750,000 or higher in value. These policies generally come with higher limits for dwelling, personal property and liability both due to the value of the home itself and the lifestyle of the homeowner. If you own a high value home with more amenities such as a pool, for example, you are at higher liability risk.
High value homeowners also tend to have more high value items such as antique furniture, furs and jewelry. Make sure to speak with your insurance agent about finding the right insurance for your home. No two home insurance policies are the same, and you will need one tailored for your vehicle based on your home’s total replacement cost value and the value of your insured items. Compare quotes and reviews among multiple insurers to find an affordable home insurance policy from a reputable insurance provider so you can keep your items covered.
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