When it comes to protecting your home, standard home insurance policies often cover the basics – structure, personal belongings, and liability. But what about the rare, one-of-a-kind, or especially valuable items that mean the most to you?
Think of your grandmother's diamond ring, original art collection, or a limited-edition watch – would your current policy truly cover the full value if something happened?
WHAT ARE THE LIMITS OF HOME INSURANCE FOR VALUABLES?
A common misconception is that home insurance for high-value items automatically covers the full replacement or appraised value of everything inside your home. While a standard policy may include some level of contents insurance for valuables, there are often limits on how much you can claim for certain items – especially jewelry, fine art, collectibles, and electronics.
This is known as the home insurance valuables limit, which can be surprisingly low. For example, many policies cap jewelry coverage at around $1,500 to $2,500. If your engagement ring is worth more than that, you're already underinsured—before even considering your other valuables.
WHY YOU MIGHT NEED EXTRA COVERAGE
If you own high-value items, the basic contents portion of your homeowners policy likely won't be enough. That's where specialized insurance for high-value items comes into play. Adding a rider or endorsement to your existing policy – or in some cases, a separate personal valuables insurance cover – can ensure your prized possessions are fully protected.
Extra coverage can be beneficial in cases of:
- Theft
- Accidental loss (like dropping a ring down the sink)
- Damage (including fire, water, or even during a move)
- Natural disasters, depending on your area and policy
In many cases, scheduled personal property insurance, or a floater, provides broader coverage with fewer exclusions than your base policy.
HOW TO DETERMINE WHAT NEEDS EXTRA PROTECTION
Start by taking inventory. Most people underestimate the value of what they own. Create a detailed list of your high-value items, including:
- Jewelry (wedding rings, heirloom pieces, watches)
- Fine art (paintings, sculptures, photography)
- Antiques or vintage collectibles
- Musical instruments
- Designer handbags, clothing, or shoes
- High-end electronics and photography gear
- Sports memorabilia
- Rare books or comic collections
Once you have your list, research current market values or, better yet, get a professional appraisal for each item. This documentation will be essential for obtaining the right contents insurance for high-value items – and filing a claim, if needed.
WHAT IS SCHEDULED PERSONAL PROPERTY COVERAGE?
Also known as a rider or endorsement, scheduled personal property is an add-on to your homeowners insurance that covers specific items above the standard policy limits. This type of contents insurance for valuables typically requires:
- A recent appraisal or proof of purchase
- Photos or detailed descriptions
- Updated documentation every few years to reflect changing values
The benefit? Scheduled coverage increases your home insurance valuables limit and often covers more scenarios than your basic policy. For example, most base policies won't cover accidental loss (like losing a ring while swimming), but scheduled coverage might.
How Much Does It Cost?
Adding insurance for high-value items isn't free, but it's typically more affordable than most homeowners expect. Premiums vary depending on:
- The type and value of the item
- Your location and risk factors
- Your deductible and policy terms
As a rough estimate, personal articles insurance may cost about $1 to $2 per $100 of value per year. So, for a $10,000 engagement ring, you might pay around $100–200 annually for full protection.
What About Off-Premises Coverage?
One major advantage of personal valuables insurance is that it can follow your item wherever it goes. That means your insured camera is covered even while you're traveling, or your diamond earrings are protected even if they're stolen from your hotel room—not just your home.
Check if your standard homeowners policy offers any contents insurance for high-value items off-premises. If not, scheduling the item may be your best option for peace of mind.
4 TIPS FOR GETTING THE RIGHT COVERAGE
1. Work with an Insurance Broker
They can help you compare multiple policies and find the right home and valuables coverage combination.
2. Bundle & Save
Many providers offer discounts if you combine home, auto, and valuables insurance under one policy.
3. Keep Documentation Updated
Appraisals, receipts, and photos should be refreshed regularly to reflect current value.
4. Review Your Policy Annually
As your lifestyle and assets change, so should your coverage.
DON'T LET ASSUMPTIONS COST YOU
Too often, homeowners discover too late that their home insurance for high-value items is insufficient. Whether it's a cherished piece of jewelry or an investment-grade painting, don't assume your base policy covers you. It takes just a little extra effort to secure the right personal valuables insurance cover, and the peace of mind is worth it.
Your home is more than a structure; it's where you keep the things that make life rich and meaningful. Ensuring those treasures are protected requires more than basic coverage. If you're unsure whether your policy includes proper home insurance for valuables, contact SimplyIOA for a personalized review. Our team can help you customize your coverage and secure peace of mind, so you can focus on enjoying what you love, knowing it's protected.
If you need help finding the best homeowners insurance coverage for the best price, speak to a SimplyIOA agent at 833.872.4467 or get a quote online now.
share this post
