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What to Know About Insuring Valuables

March 05, 2014

Update Insurance PolicyIf it’s been a while since you reviewed your insurance policy, now may be a good time to evaluate your coverage and be sure that any new and valuable items (like jewelry, furs, antiques, fine arts and other special collections) are properly insured.

The insurance professionals at the Equifax Finance blog offer some tips for making sure that your valuables are protected in the recent article, “

Shopping for Insurance? Five Things to Remember When Insuring Valuables.”

Your homeowners insurance may cover certain risks, but you may need to shop for additional coverage for your more valuable items. Your homeowners policy likely has some built-in coverage to cover your valuables against certain risks, but this is usually on a lump sum basis and with a per item limit. It is also generally subject to your deductible, not all-risk or worldwide coverage and not based on the replacement cost of the item. Contact your insurance agent for specifics about what your existing policy does and doesn’t cover. If you decide that you need additional coverage, the article recommends purchasing a personal articles floater policy (PAF), which allows you to list each valuable item and assign a specific limit to each item. PAF coverage is worldwide and all-risk and not subject to any deductible, and it can provide replacement, repair, or cash-out options.

The article recommends taking a few steps if you do decide to insure your valuables, including providing your insurance company with an appraisal of each item (when possible), making sure that your policy will reimburse you for the stated amount of the appraisal, finding out about automatic coverage increases so that you don’t have to get items re-appraised each year, or getting a blanket valuable items rider to get all-risk, worldwide coverage with no deductible, if necessary.

The authors suggest reviewing your policy every three years to be sure that you are appropriately covered. The value of your items may increase or decrease and you want to be sure that you don’t have more or less insurance than needed.

Get more details in the full article on the Equifax Finance blog. While there, browse the many other helpful articles on all types of personal finance advice from insurance to taxes to retirement to credit to identity theft protection and more.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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