Is it time for you to get updated appraisals? You may have to schedule them.
Insurance coverage for your personal belongings should be equally important to you as coverage for your residence. However, your homeowners or rental policy may not provide you with the necessary funds to fairly compensate you for items that are damaged, lost, or stolen.
Ideally, you should have new appraisals made and on record with your insurance company at least every three years. It is important to have your valuable items reappraised every few years as values increase over time, and you will want to make sure you are insuring your property adequately. This holds true for pearls, gems, diamonds, antique jewelry, and more. This is because the true monetary value of any given jewelry piece or item can fluctuate at any given time.
The price of gold generally goes up when the stock market goes down. And if you invest in gold and silver and store it yourself, you’ll need to protect that investment by scheduling it on your homeowner’s policy with its full current appraised value. Some standard insurance policies will only limit coverage to $200 for gold and silver bars or coins.
This should also be done for any fine art, collections (such as coins, cards, or stamps), furs, sporting or golf equipment, bikes, cameras and electronics, antiques, or musical instruments you may own.
Usually, the insurance company will add them at the current appraised value as an endorsement to your homeowner’s policy. Sometimes, if you have a very valuable item, it can be put on a “floater” policy, which provides more comprehensive coverage and allows for claims of accidental loss.
Reach out to us anytime to find out more about how to best protect yourself.
