Some stuff is just worth more
You might be surprised to learn that your valuable items aren’t necessarily covered by your homeowners insurance even though they may be stored in your home. Whether you’ve got a high-priced engagement ring, your grandfather’s antique stamp collection, a safe full of valuable firearms, or priceless works of art and antiques, you’ll want a separate valuables insurance policy (sometimes called inland marine insurance or scheduled personal property) to cover their cost if something catastrophic should happen. Valuables insurance in Mississippi is just as… valuable as anywhere else. In fact, with all the tornadoes, hurricanes, tropical storms, and floods we deal with, it’s definitely worth looking into.
- Engagement Rings
- Gun Collections
- Computer Hardware
- Fine Art
- Family Photos
- Sporting Equipment
- China, Crystal, & Silverware
- Musical Instruments
- Wedding Gifts
- Sound Equipment
- Coin & Stamp Collections
- Camera Equipment
How does valuables insurance work?
That’s a great question!
A valuables policy can protect against:
- Accidental Breakage
- Loss in Mail
- Natural Disasters
- Other Causes of Loss
Can I just add it to my homeowners or renters policy?
Some homeowners insurance companies can add endorsements to your homeowners or renters policy to insure valuables. It all depends on what you have and if your insurance company offers endorsements. (An endorsement is like an add-on to your existing policy.) It’s not uncommon for most insurers to add endorsements for items like engagement and wedding rings.
An endorsement can even cover a whole class of valuables like all of your jewelry up to a certain cost. If you have a large collection of jewelry, firearms, fine art, or antiques, you’ll probably need to have those scheduled and valued separately by a professional appraiser.
What’s the cost of valuables insurance in Mississippi?
Cost, of course, varies depending on where you live and exactly what your valuables are. A good rule of thumb is that it will probably cost around 1% or 2% of the value of your items. For example, if you’re insuring a $5,000 engagement ring, you can expect to pay around $50 per year. You’ll also have a deductible, just like any other insurance.
What is inland marine insurance?
Inland marine, scheduled personal property, and valuables insurance are all terms that industry professionals use interchangeably. There can be technical differences between these terms, but for our purposes of protecting your personal valuables at home, these are all basically the same thing.
Get in touch with us, and we can help you figure out exactly what you need.
Who can determine the value of my stuff?
If you’re not sure about how much your valuables are worth, it’s easy to have them appraised by a professional. An appraiser can help determine if you have enough insurance protection and if your items will appreciate in value over time. Appreciation is great, but it does mean you’ll want to have your valuables reappraised every few years.
You can find a local appraiser at:
Make a home inventory
Draft a written list of your items.
First, draft a written list of your household items. Go room to room and write down exactly what you have. Include descriptions of all furniture, electronics, and appliances. Be descriptive with each item’s information. If you have receipts on file, note the date and value of the item when you bought it. If you have serial numbers for your appliances or electronics, make a note of those as well.
Do a photo or video journal of your belongings.
Second, do a photo or video journal of your belongings, much like you do with the written list, and include copies of any receipts you might have. Send this along with the written list directly to your insurance agent. Your agent can keep this information on file in their office should you have anything disastrous happen to your home or computer, thus causing you to lose the data. If you prefer, you can also use online/mobile software to track your inventory.
Schedule high-value items on your policy.
Third, schedule high-value items on your policy. This will help ensure a better chance of getting the full value of those items. Items you should schedule, rather than lumping into your general personal property coverage, include high-value jewelry, guns, artwork, collectibles, and antiques. Scheduling items is much more affordable than you think and definitely worth the cost if you are faced with a significant loss to your home.