Do you have a ring or watch that you cherish?
If you have a piece of jewelry or collectible items such as a wedding ring or a watch, it is essential to have these items insured.
Common items:
Rolex watch
Wedding Ring
Firearms
Golf Clubs
Furs
Coins
Below will serve as a guide on how to insure valuable items in the state of Texas.
How do I insure my jewelry or valuable items?
There are two options to insure valuable items: Homeowners Insurance Special Limits of Liability or a Personal Articles Floater (PAF).
1. Homeowners Insurance Special Limits of Liability: If you have a homeowners insurance policy, often times, there is a small amount of coverage included for these types of special items. This is referred to as the “special personal property”, referring to the items that may be of high value. Most of the time this will include a $1,500 limit on jewelry, and other items such as furs, coins, firearms, etc.
Some home insurance policies will allow you to increase these limits, such as increasing your limits from $1,500 to $5,000 or $10,000. Most of the time, there will be a cap to this: if you have an item that exceeds $10,000+ then you may have to purchase an individual policy such as a Personal Articles Floater, which is the second strategy to insuring your valuable items.
2. A personal articles floater is essentially an individual, separate policy to insure special items. With a PAF, you must individually schedule items for a specified amount, and if over a certain value and depending on insurance company may need an appraisal. These personal articles floater policies are generally a bit more costly over increasing your homeowners limits, however they are tailored and often offer broader coverage for these items.
Various options for coverage including in-vault coverage: if you store or maintain collectibles through a vault at a specified location. This would protect against things such as varnish and in-vault risks.
For more information on how to insure your valuable items, please contact us at TexPro Insurance. We will breakdown and discuss the best options for your special, valuable items.