Are your most valuable belongings fully protected under your homeowners or renters’ insurance? It’s a question many people don’t think to ask. From a newly purchased engagement ring to a meaningful piece of art, making sure your high-value items are properly insured can give you real peace of mind.
Here’s a quick breakdown to help you understand your coverage options and make informed decisions.
Have questions? We’re here to help. Contact our team anytime at (630) 441-1003.
How do you insure valuable items?
Your existing homeowners insurance policy may include coverage for jewelry and other valuables. However, the coverage is often limited to $1,000 to $1,500 per item. While this helps keep your policy’s cost low, it may not provide enough protection against the true value of a damaged or stolen item. Talk to your insurance agent to learn more about your coverage needs.
options to consider: #1
Increase the limits on your existing policy: If your coverage limits are low, you may be able to increase those limits. By increasing your limits, you’ll get more coverage for all your belongings in case of a disaster, theft, etc.
options to consider: #2
A Personal Articles Floater (PAF): A personal property protection designed to cover specific items—a PAF policy—can be purchased separately or can be attached to an existing homeowners policy. A PAF allows you to list the particular items of value you want covered.
What does a PAF policy cover?
A personal articles floater policy provides insurance coverage for jewelry and other valuable items. Examples of items you might list on your PAF policy include artwork, family heirlooms, engagement rings, jewelry, antiques, high-end collections, or high-priced hobby equipment like music and golf equipment. A PAF policy can be a good choice when the value of a single item exceeds policy limits of your homeowners policy, or when you have a significant number of valuable items to insure. Typically, these policies are customized to your needs and help protect against a wide range of risks. Often, there are no deductibles for most classes of property, and the policies can be purchased separately.
How to get started
- Read your existing homeowners policy—find out what coverage it includes, applicable coverage limits, and any other pertinent information.
- Make a list of valuable items you’d like additional coverage for. Some items might include jewelry (including engagement rings), artwork, silver, vintage items, family heirlooms, etc.
- Attach a value to each item. If you’re unsure, consider having items appraised. Gather an accurate understanding of each item’s individual value and the total combined value of all items you’re seeking to insure. Keep in mind that many insurance carriers may require an appraisal or receipt to vouch for your item’s value.
- Determine the cost to increasing liability coverage limits of your current homeowners policy. Ask yourself, “How would the increase impact my premiums? Would an increase in limits provide adequate coverage?”
- Get a quote on a PAF insurance policy’s cost. Since this policy insures a specific set of valuables, the quote should be based on your individual coverage requirements.
put your mind at ease
Knowing that your most valuable and treasured possessions are protected from risk can help put your mind at ease.
Don’t leave your most valuable possessions unprotected. Contact Great Lakes Auto Home to learn more about your coverage options. Call us at (630) 441-1003!
