4 Tips to Protect Your Possessions with Insurance
Many people think that a general homeowner's insurance provides adequate coverage over all valuables inside and outside of your house. Unfortunately, most general policies offer limited or no coverage for specific items, such as jewelry, fine art, crystal, computers or any other expensive item that may be damaged or stolen.
For example, if your insurance limit is set at $1000 for jewelry theft and jewelry valued at $2000 is stole from your home, you will only receive $1000 from your insurer to replace the missing items based on your policy limit. However, an insurance endorsement can provide increased coverage for your possessions and helps protect you from the loss of high-end valuables.
Here are a few tips that may help you decide whether you need valuable items coverage.
1. Read Your Insurance Policy
Some of your valuables may not be covered on your current policy. Review the limits on your policy to see how much you will be compensated when certain items are damaged or stolen.
2. Have Your Valuables Appraised
Your possessions could be worth more than you think. An appraisal can help you determine the value of some items, such as collectibles or jewelry, and if your homeowners insurance policy covers the full value.
3. Create a Home Inventory
You may not be able to decide whether to buy additional coverage until you know what you own. Obtaining a current inventory of your possessions, including make and model numbers, may help you with any potential insurance claims. Remember to check your garage and attic for stored valuables, such as antiques and coin collections.
4. Take Stock of Your Electronic Equipment
In our increasingly high-tech world, people use their electronic equipment to perform their jobs and maintain social connections. If you keep high-end computers and other electronics in your home, you may want to make sure your homeowners policy will cover their loss.
Take the extra step toward protecting your valuables. Contact an RBFCU Insurance Agent today to review your policy limits and discuss additional coverage for high-cost items.
Information in this article is general in nature and for your consideration, not as financial advice. Please contact your own financial professionals regarding your specific needs before taking any action based upon this information.
RBFCU Insurance Agency LLC is a wholly-owned subsidiary of RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU). Insurance products are not deposits; are not obligations of the credit union; not NCUA insured; and not guaranteed by RBFCU Insurance Agency LLC, RBFCU Services LLC or RBFCU.