Are Your Holiday Items Insured?

14 Dec Are Your Holiday Items Insured?

You’d be absolutely heart broken if one of your expensive holiday gifts were damaged or stolen and so wouldn’t we.  Your existing coverage may not be enough for all of your new items. Standard homeowners, condominium or renters insurance policies include a limited amount of coverage for jewelry and other valuable items. However, many policies limit the dollar amount of coverage for the theft or loss due to a covered peril of such items. To properly protect certain types of valuables, additional coverage is available through a policy endorsement or floater.

Endorsements are additions to your homeowners, condominium or renters insurance policy that change or add to the policy’s provisions. The endorsement  can cover property otherwise excluded from a basic homeowners insurance policy, extend the number of perils included, or increase the amount paid for a covered loss.  To determine each item’s value, an appraisal or sales receipt is typically required.  This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item.  Items scheduled are typically not subject to the policy deductible.

A separate personal articles floater policy may be used to schedule your valuable property that is subject to special limits under basic homeowners coverage. Once you have an endorsement or floater, it is important to periodically review  your policy’s coverage limits to minimize the likelihood of being underinsured due to outdated appraisals and inadequate limits of insurance.

The cost of coverage varies upon the item, but typically the fee is nominal.  It’s also easy to keep track of your home inventory by using www.knowyourstuff.org.  Your valuables are important to you and the agents at SAVA Insurance Group will help protect what you value most to prevent serious loss in the event of damage or theft. You can safeguard the finer things in life and the new gifts you received with additional coverage. Our knowledgeable personal lines team can provide you with more information about coverage and an estimate for the cost of scheduling an item.  To learn more, give us a call at 860-437-7282, today!