How Do I Make Sure My Valuables are Insured?
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While you’re spring cleaning this year, it’ll be a great time to evaluate your insurance. You may have received valuable gifts over the holidays or purchased valuables in the past year that need to be insured. Your homeowners insurance will cover certain risks, but it’s time to be sure that your new items, including any jewelry, antiques, art, etc., are certainly covered. So, if you are wondering how to make sure your valuables are insured, read on!
The insurance experts at the Equifax Finance blog explain what to look for in a policy and be sure that you get the right coverage in the recent article, “
Shopping for Insurance? Five Things to Remember When Insuring Valuables.”
Each homeowners insurance policy is different, so contact your insurance agent for more information, but most homeowners insurance will be limited in what it covers; it may not cover accidental loss of an item, is generally not based of the replacement cost of an item and is subject to your deductible, is usually based on a lump sum and has a per-item limit.
If your homeowners insurance doesn’t offer enough coverage for your valuables, the article recommends that you should consider purchasing a personal articles floater policy (PAF), which will allow you to schedule each valuable item and offer a specific limit to that item. PAF coverage will be worldwide and all-risk, not subject to a deductible, and it can provide replacement, repair, or cash-out options.
If you decide to insure your valuables separately, follow these steps:
Get more information on this topic in the full article on the Equifax Finance blog, where you can find many more helpful articles on insurance as well as other personal finance topics, including retirement, taxes, credit, identity theft protection and more.