Many people mistakenly believe that their homeowner’s policy covers all their possessions against incidents like fire, theft, and natural disasters. However, many high-value items have a maximum coverage limit under standard homeowner’s policies. This includes items like jewelry, antiques, artwork, sterling silver, and firearms. But if you have such items in your San Jose, CA, home, you can still insure them for their full value. You need to discuss special insurance for these possessions with your insurance professional.
Items with an Insurance Maximum in Most Homeowner’s Policies
Items that typically have a maximum and may require special insurance include:
- Jewelry
- Fine wine and liquor
- Antiques
- Artwork
- Firearms
- Musical instruments
- Collectibles, such as stamps, coins, or baseball card collections
Insuring Your Special Items
You can protect the value of your special, high-end items by purchasing a special insurance policy specifically for those items. This type of insurance is often referred to as a "ride." To do this, you’ll need to obtain an independent, written appraisal of the items you wish to insure from an expert in that field, such as an art dealer, jeweler, or independent appraiser. The amount you paid or the amount a similar item is listed for on eBay does not count as an appraisal. You’ll pay a separate premium for this insurance in addition to the premium for your standard homeowner’s insurance.
Contact Bayshield Insurance to learn more about special insurance for your high-end possessions and all your personal property insurance needs. We’ve been assisting San Jose, CA, area residents with their home, auto, and commercial insurance needs since 2017.
