Wednesday, March 25, 2015

Blanket or Specific Insurance for Valuable Items

Every home acquires its own collection of valuable items with time. A cuckoo clock inherited from a deceased parent, a grandparent’s pocket watch, jewelry that are mementos from parents, engagement and wedding jewelry, art and artifact collections – no home is complete without such valuables. Some have aesthetic value, some sentimental, and some collector items can command a fortune in international markets, or online auction sites.


Insuring such valuables against accidental loss, theft, and damage, becomes a priority with time. Most homeowners’ insurance policies do not cover such valuables, which is why,insurance companies offer this as a separate product. Over time, some of the valuable items that their policies have covered are:

· Photographic and video cameras with associated equipment

· All types of expensive porcelain, ceramics, china and crystal

· Rare coins, stamps and historical photographs

· Rare firearms with historic value

· Expensive Furs and Jewelry

· Autographed sports equipment

· Rare version or make of Musical instruments

· Electronic equipment and computing devices

· Family heirloom silverware

· Fine art: paintings, etchings

· Fine tapestry: Oriental rugs, embroidered works of art

· Fine literature: Rare books, journals and manuscripts

Benefits of insuring Valuable items

· Comprehensive in nature: Depending on whether you choose blanket or scheduled type of coverage, the policy covers almost every situation, in every part of the United States, unless specific locations have been excluded in the endorsement.

· High dollar limits available: One can insure up to $50,000 for items such as jewelry, furs, silverware, celebrity memorabilia etc. The policy will cover the value of these items as stated in the endorsement.

· No deductibles: With either Blanket Valuable Items or Scheduled Personal Property policy, you will receive the full amount of the item(s) insured, and there are no deductibles.

· Inexpensive: In spite of the above, you will have to pay a premium of just a few dollars a month.

Types of Coverage

Most insurance companies offer three broad types of coverage, along with a host of variations.

· Scheduled Personal Property: If you possess items, some of which have considerable value (5000& and above), a Scheduled Property Insurance is the best option. You will have to make an indent or list of all the items, photograph them and specify the amount of insurance you need for each. There are no deductibles other than a small transaction fee that some insurance companies levy. However, an appraisal is done by the insurer to determine value of the items at the time of buying the policy and also at the time of claim.

·Blanket Valuable Items: If you have several items of lesser value, like daily usage jewelry, sports equipment, antiques, bric-a-brac, artefacts etc, Blanket Valuable Items coverage is a better option. The advantage with this type of insurance, is that, you do not have to indent the items separately. The policy also covers accidental loss of these items. The blanket value for the entire set of items covered can be as low as few thousand dollars, up to $50,000, with no deductible.

·Personal Electronic Equipment Insurance: If you are a gadget freak, or if you have hobbies that require the use of complex electronic equipment, including desktop/laptop computers, audio/home theater systems, it is good to have a Personal Electronic Equipment cover, which again has no deductibles.


While loss of a valuable item can be an emotional setback for you, insuring them will help sustain your passion for collecting valuable items, and in the event of a calamity, you could either replace your loss or be compensated. An agent or broker at your preferred insurance company will be well equipped to brief you in detail and guide you with reference to the best possible coverage that you would need.

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