Insurance for Valuable Items

Do you own certain items which are special or carry a high monetary value? Are they items that may also appreciate in value or be a one of a kind item?

Your homeowner’s insurance policy may not provide you sufficient limits or broad enough coverage for certain personal items such as jewelry, silverware, furs, guns, paintings or other artwork. Many of these items have maximum limits insured under most homeowner’s insurance policies from $500 to $2,500. You determine the value of the items to insure or can submit an appraisal of the item.

The limitation is the amount usually provided by the homeowner’s policy is not the only shortcoming for insuring special items. Additional types of risk or perils can be insured under valuable floater coverage such as worldwide coverage, mysterious disappearance, and expand the policy to include claims arising from breakage. If you accidently damage a fragile item by dropping it or it falling off a shelf or wall, it is covered. Many of the valuable article floater policies usually have no deductible.

Any personal items which you want the broadest type of coverage should be considered for a valuable articles floater policy.

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Water Damage – A Claim Nightmare

Did you know that one of the most damaging claims you can have on a homeowners policy, is also preventable?

Water damages to the interior of your home is likely the homeowner insurance claim you will experience. Statistics show that there is almost a 70% chance you will experience some type of water damage claim, large or small. One statistic, which is extraordinary, is that the EPA estimates that over 25% of homeowners have a water leak to which they are unaware. Scary isn’t it?

Water damage claims can make you home unlivable and in the long run can also bring on hidden mold damage. Mold damage is usually not covered under a homeowner’s insurance policy. There are steps you can take to prevent and minimize the chances for a water damage claim coming from leaking or burst pipes. Many water damage claims occur when your home is unoccupied for a period of time.

Here are some tips for both cold weather and warm weather areas:

  • Insulate your pipes which are most exposed to cold temps
  • Turn off water supply to your washing machine, icemaker, toilets and other bathroom fixtures
  • Install a leak detection system – there are many in the market today. These devices will automatically turn off the water supply should a leak be recognized, perfect for secondary or vacation homes
  • If you have a sump pump test it throughout the year
  • Turn off water to the house and drain pipes if you will be gone for an extend period of time such as months
  • Check you hose fittings to your washer – metal fittings are preferred
  • Shut off supply line to any water softener
  • Replace the water heater per mfg recommendations – may leaks occur due to faulty water heaters

Yes, water damage claims from pipes or internal fixtures are covered by homeowner’s insurance, but put up with the inconvenience and the indirect costs associated with a water damage claim. Any ounce of prevention is always preferred.