Some things are irreplaceable.
In the wake of a disaster or a burglary, possessions of sentimental value are among the hardest to come to terms
with losing. Whether it’s your wedding dress, your personal photos or the
memorabilia you have spent your life collecting, they’re all devastating to
lose. If there was a way we could recreate these items and return them to you,
we would. Unfortunately, that’s not always possible.
What we can do, is make sure that your
valuables are insured and that their value is protected. While no dollar amount
can restore a burned photo album or a stolen Mickey Mantle rookie card in mint
condition, we can provide you with the personal property coverage you need to
start getting back what you lost.
Below we outline 13 items you may not have
thought to insure, both in the home and out of it.
In the Home:
While standard home insurance covers your
personal belongings, the actual dollar amount these items are insured for may
only be a fraction of their actual value. If your home contains many high value
items, it’s possible you won’t receive the full amount needed to replace them
should disaster strike. How much coverage do you need to insure your
belongings? This depends on your personal situation. Creating a home inventory checklist can help you estimate
the value of your belongings to compare with your coverage.
1. Engagement/Wedding Rings and Other Jewelry
Whether it’s your wedding ring or a necklace
passed down through generations, jewelry can go missing in a heartbeat, no
matter how careful you are. Having extra coverage for your jewelry helps
protect you from losses such as a theft, or a broken clasp that caused your
favorite necklace to fall off on a night out.
2. Electronics (computers, phones, cameras, etc.)
In a home break in, electronics are among the
most common items stolen. According to the security company, Reolink, laptops, iPads and smartphones are on
the top of the list for most stolen items. The portability and high cash value
make technology a hot ticket for home invaders. From break-ins, to a poorly
placed cup of coffee or a cat who thinks that your laptop belongs on the
floor instead of the desk, make sure your electronics are completely covered.
While insuring the hardware won't back up the data (that’s also a good idea),
it will help you replace the stolen equipment and get back online sooner. Many
homeowners insurance policies cover some of these items, so it is important to
review your limits and determine if you need to expand your coverage to fit
your needs.
3. Collections
You can spend a lifetime building a collection
of stamps, baseball cards or antiques only to have them destroyed in one event.
Collections like these have the potential to be worth significantly more than
their insured value, which means additional coverage is always a good idea.
Truly high value collections, those that were likely to appreciate in value or
those with a personal connection, may never be replaceable. Extra insurance can
help you begin rebuilding and take some of the pain out of the loss.
4. Appliances
Your home appliances may be covered by your homeowners policy;
however, not in every situation. While damage from lightning might be covered,
normal wear and tear usually is not. There are also deductible and replacement
cost limitations to consider. If you have an appliance that has depreciated in
value, the replacement value will be lower than the amount you spent on it, and
the amount that is needed to replace the appliance. Depending on the policy you
have, you may want to consider additional property insurance.
5. Food
When your power goes out the food you have in
a refrigerator or freezer may not be covered by
your standard homeowners policy. For most people, their refrigerator contents
may include basics and condiments, or you might have expensive meats and
produce on hand. It’s worth knowing how your policy extends to your
perishables.
6. Fitness & Sports Equipment
Many people who have a home gym have invested in it greatly.
Elliptical machines, treadmills and other sports equipment can cost thousands
of dollars. They aren't likely to be pocketed in a robbery, but they can be
destroyed by a fire or other disaster. It is definitely worth
going the extra mile for coverage in the event of a loss.
7. Furniture
Like many other things on this list, furniture
has standard coverage under a homeowners policy. It’s also one of the most
important things a house needs to feel like a home. If your furniture is stolen
or destroyed, you’ll want to replace it quickly. If you’ve invested in high quality
seating and dining, purchasing the right coverage will go a long way toward
getting your home back to normal.
8. Musical Instruments
From the Steinway in the living room to a child’s violin, musical instruments are high
value items in the home. When you’re rebuilding the contents of your home there
may be other needs that top the priority list, but that doesn't necessarily
make them less important to your family. Extra insurance is a good way to cover
your bases.
9. Fashion & Furs
Jimmy Choo
Dolce and Gabbana
Oscar de la Renta
If these names mean something to you, and also
appear in your closet, a standard homeowners insurance policy may not have
limits that are high enough to replace them. For that, you’re going to need
additional insurance coverage.
10. Artwork
It’s impossible to put a dollar value on the
drawings from your youth or a handmade portrait drawn by a child, but the piece
purchased from an art gallery in NYC certainly has a price tag. From oil
landscapes to modern sculpture, if you are a connoisseur of art, protect your
investment with extra insurance.
Outside the Home:
A homeowners policy extends outside the home
to cover the contents of detached structures like garages and sheds. If you
think all of your valuables are safely in the house, consider some of these
high value items you may have outside of the house.
11. Tools
A couple of wrenches and screwdrivers are
unlikely to be stolen and their destruction is little to lose sleep over but
bigger tools like bandsaws or a core drill might be a
more substantial loss. Additional property insurance may help.
12. Expensive Landscaping
Believe it or not your homeowners policy will
cover trees and shrubs that get damaged by forces like fire, lightning, or acts of vandalism but there is typically a limit on
their replacement value. If your landscaping is a lovingly cultivated,
expensive point of pride, then look into the extra coverage to get it growing
again, as painlessly as possible.
13. Recreational Vehicles
Your ATV, snowmobile, boat or RV may be your weekend outlet but they
are also a serious investment of time and money. As much fun as it is to take
your favorite ride out for a spin, it is highly susceptible to theft,
breakdowns and accidents. While some states have minimum
requirements for liability coverage, you may want to consider more than what is
legally required. While liability covers harm to others in case of an incident,
it won’t help you replace your vehicle. That’s why additional property coverage
is a smart measure.
If you’re not sure if your personal
possessions are really worth the extra coverage, the first step should always
be to talk to your agent. No one wants to think about the
worst-case scenario. But it can bring you peace of mind to know that no matter
what happens, you’ll have the means to rebuild.
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