What is Valuable Articles Insurance?
Valuable articles insurance protects higher-end assets that might not be covered under your homeowners policy, from jewelry and fine art to expensive electronics and medical equipment. Standard homeowners insurance only offers partial reimbursement (if any) for expensive possessions, which is why many collectors purchase add-on policies to extend their coverage limits. If your valuable belongings are damaged, lost or stolen, this type of supplemental insurance can fully compensate you for any covered losses.
What Does Valuable Articles Insurance Cover?
Nearly all basic homeowners policies have coverage limits of $1,000 to $5,000 for personal items, which may prevent you from recouping your losses following a covered event. Additionally, insurance carriers do not typically reimburse you for accidental damage or misplaced assets. Valuable articles insurance is designed for high-value possessions that may be excluded from your personal property coverage plan, though some policies do feature repayment limits.
Most insurance companies that carry this type of add-on policy offer two distinct coverage options for safeguarding your possessions:
Provides blanket protection against a variety of common risks, allowing you to add or remove items without the need for appraisals or proof of ownership. This coverage option often comes with higher reimbursement limits and low deductibles but does not typically insure the full value of your assets.
Offers customizable protection for specific items listed in your policy based on individual value, entitling you to full reimbursement without having to pay a deductible. This type of policy does require you to itemize any assets you plan to insure, but the time you spend cataloging your valuables is well worth it.
Some examples of valuable articles you might want to insure include:
- Jewelry and precious stones
- Paintings, sculptures and other artwork
- Antique furniture, pottery and kitchenware
- High-end clothing, furs and accessories
- Collectible items, like vinyl records, coins and comics
- Consumer electronics, computers and cameras
- Medical devices, such as prosthetics and c-pap machines
- Musical instruments and sports equipment
- Autographed memorabilia
- Wine collections
Working with an independent insurance agency can help you assemble the best coverage options from a variety of top-rated carriers. If you’re looking to maximize your personal property coverage, reach out to National Advisors Group to complete a free Personal Risk Review today!