Just because you have homeowner’s insurance doesn’t mean your valuables are adequately protected. While most of your possessions are probably covered just fine by your policy, valuables such as jewelry, fine art, rare coins, and even antique silverware are covered differently.
For valuables such as these, most homeowner policies place a limit of $1,000 to $2,500 for each category of item. That means, for example, that all of your jewelry combined – not each item – would only be covered up to the $1,000 to $2,500 total limit. If you have antiques or heirlooms you can quickly see how such coverage would be woefully inadequate.
To properly cover valuables you will first have to decide which items you want covered. Then take those items to a professional appraiser who will put a price tag on each item. You will then need to contact your insurance company to get a rider placed to include each item on your policy. This usually costs around $1 per month for every $100 in coverage, although it varies by insurer.
While it won’t necessarily be cheap to insure all your valuables, you will sleep better at night knowing you will be properly compensated if anything ever happens to them.