Fact: Many people think their homeowners insurance policy provides adequate coverage for all valuables, but policies may provide limited or no coverage for certain items – including generally expensive items – that are damaged or stolen.
For example, many homeowners policies generally have a $1,000 or $1,500 coverage limit for jewelry if the loss is due to theft, and there is no coverage if the loss is due to mysterious disappearance. In addition your policy deductible would apply for any losses. As a result, if jewelry valued at $2,000 is stolen from your home and you have a $1,000 policy limit, the most you would receive from this claim would be $1,000 (minus your policy deductible). Many policies have a minimum of a $1,000 deductible.
This is why we recommend a blanket value endorsement or a Valuable Articles policy to provide increased coverage for your possessions. This coverage helps protect you in the event of a loss involving high-end valuables such as jewelry, furs, antiques, artwork and collectibles.
Your need to insure valuable items is something you may want to discuss with us. Please call 864-288-9513 or contact us with any questions.