The protection provided for personal property under the typical homeowners policy is very broad, and includes coverage for your furniture, clothing, and appliances. In addition, it provides limited coverage for such items as jewelry, silverware, furs, and firearms. However, it may not cover some types of loss that may be important to you, such as the stone falling out of your diamond ring, your antique statue that is accidentally broken, or a flooded basement that damages your personal computer. In fact, most homeowners policies set dollar limits on the amount of protection offered to cover the theft of items such as jewelry or furs (usually only up to $1,000), firearms (up to $2,000), or silverware (up to $2,500). As you know, the replacement cost on these items are way more than the sub-limits provide.
To make sure your high-value items are properly ensured, you can create a Valuable Items Policy that schedules each item for the amount that it is worth. This will save you lots of stress and money if you ever have a claim. Typically, to ensure items with a value of over $10,000 you need a recent appraisal or bill of sale.
To get a quote for a Valuable Items Policy, call us at (843) 763-4200 or submit a request for quote here.