Types of Valuables
Art
Cameras
Coin collections
Electronics
Fine china and silverware
Fine jewelry
Firearms
Furs
Medical devices
Memorabilia
Musical instruments
Sporting equipment
Stamp collections
Watch collections
Wine collections
How to Insure Valuables and Collectibles
If you have any of these high value items, you are likely to worry about protecting them against theft, fire, severe weather conditions, damage, or loss.
I. Homeowner’s or Renter’s Insurance
The first place to look for insurance for valuables and collectibles of these type are your home or rental insurance policies. Both policies have provisions covering lost, stolen, or damaged personal property. This is where your typical valuables will be insured under the policy.
Depending on the value of the items, the limits provided in your home or rental insurance may not be sufficient for the protection needed. In such cases, you may opt to schedule your valuables, or have a separate endorsement issued for this purpose. Your agent/broker should be able to assist you with the arrangement.
II. Standalone Insurance
In the event you have an extensive collection that cannot be adequately insured in your home or rental policies, a separate standalone specialty policy will need to be arranged for them. Typically, art insurance, collectible insurance or fine jewelry insurance can be arranged for your specified valuables.
If you have classic and collectible vehicles, a separate insurance will have to be arranged to protect them properly. These will not be covered under your homeowner’s insurance policy.
Preparing Your Valuables for Insurance
To ensure that your valuables and collectibles are adequately protected and accounted for, there are a few actions to consider.
Build an Inventory Schedule
A good rule of thumb is to have a home inventory schedule and update it periodically. It is easier said than done, however, it is achievable when done in steps and you can build on the progress. This catalog of inventory will be useful when processing your personal property claims in the event of a loss.
Step 1. Video Inventory
This first step is to take a video inventory of the personal property in your home. Go through each room and describe items as you go along. This should include items like, furniture, electronics, valuables, collectibles, appliances, clothing, heirlooms, sporting equipment and office equipment.
Step 2. Detailed Documentation
Document all essential assets. Individual preference can come into play here however, you can categorize them by value using appraisal values or receipts as the guide. The documentation should include:
• Photographs of the valuables (digital or hard copies)
• Descriptions
• Serial numbers
• Receipts
• Place and date of purchase
Step 3. Appraisals
Items that are of sentimental value and or have no receipts should be appraised. Collectibles and valuables that are likely to appreciate over time, should also be appraised periodically for the insurance.
Step 4. Update and Secure Documents
Secure a hard or digital copy of your inventory schedule at an offsite location and update this information often, preferably at every policy renewal period.
Step 5. Review Your Insurance Policy
Review your insurance policy and update or modify coverage for your valuables and collectibles where necessary. Discuss with your agent if a separate endorsement or policy is necessary.
For an additional layer of protection, certain valuables will be best stored in an offsite safe deposit box.
At Axios Risk Solutions, LLC., we help small and medium-sized enterprises, families and individuals minimize and manage their business risks through tailored risk management strategies and protect their business and assets through a variety of insurance solutions in the market. To request a quote or speak to a broker, call us at (404) 480-0272.
Author: Sandra Owusu-Fianko
Sandra Owusu-Fianko, is the Principal and Risk Advisor at Axios Risk Solutions, LLC. She has extensive experience in the insurance industry and MS degree in Enterprise Risk Management. She is passionate about finding appropriate risk management and insurance solutions for her clients.
