Like most people, you probably own certain things you can’t bear the thought of losing. Items you cherish and are very hard or impossible to replace.
If you have a homeowner’s or even a renter’s insurance policy, you know they can be very helpful for covering the loss or damages to both your home and personal property. Some items, however, are only covered up to set limits as written in your policy. Nearly every company has “special limits” for certain types of items, although the limits vary from company to company.
Some common items might include:
- jewelry, watches and furs
- musical instruments
- precious metals
- silverware and china
- autographed items
- one-of-a-kind or rare items
So, look around your home and take an inventory of items that are precious and valuable to you and have a talk with your agent to discuss the best way to insure them. Adding a scheduled property endorsement, or rider, is usually the best way to insure items that fall under special limits.
Keep in mind you should consider updating your inventory list annually to avoid missing newly acquired items or continuing to insure items you no longer own.
Besides catalogging valuable items, you could also keep a more comprehensive record of things you own in case a disaster strikes and you’re left with nothing!
With smart phones being such a prominent fixture in our day-to-lives, check the app store on your phone for apps that can help you inventory items like this. Safeco has one for the iPhone and iPad here: https://itunes.apple.com/us/app/safeco-home-inventory/id1058995230?ls=1&mt=8
You can take photos and enter detailed descriptions which could come in very handy down the road.