Do you own a highly valued comic book that has been safely preserved since your childhood such as the legendary first appearance of Stan Lee’s Spider-Man? What about a piece of art, fur, or watch? You may be well aware that these prized possessions could be worth a fortune, but have you ever pondered what would happen if they were lost, stolen, or destroyed?
Throughout our lives, many of us acquire valuable items, whether through inheritance, as collectors, or for investment purposes. Perhaps you were given a valuable antique watch, a vintage fur or handbag, or received a costly engagement ring.
It is common for individuals to assume that their standard home insurance policy will cover these cherished collectibles. However, it is vital to grasp that such policies usually have specific limits when it comes to covering these high-value possessions. Typically, the coverage limit hovers around $1,500, but this figure can vary among insurance companies.
Many high valued collectibles or items need their own insurance policy or endorsement to be properly covered. For example, if you possess a watch valued at $10,000, it is possible your home or renters insurance policy would only cover a small portion such as $1,500. If it was stolen or damaged, you would be left with a substantial gap of $8,500 in coverage.
To bridge this gap and safeguard your valuable possessions adequately, it is crucial to engage in a discussion with your insurance agent about obtaining what is known as a “floater.” A floater is a specialized type of insurance policy that allows you to specifically insure individual items.
An easy way to remember a floater is that it is designed for items that have the potential to “float away” or be easily carried away. By their very nature, these items possess an increased vulnerability to theft or damage.
Consider adding the following valuable items to a floater policy:
- Watches
- Rings, necklaces, and other jewelry
- Art
- Furs
- Historical documents
- Comic books
By procuring a floater policy, you can ensure that your treasured possessions receive comprehensive protection, covering their full worth. Don’t leave the fate of your valuable collectibles to chance; take the necessary steps to safeguard their future.
Reach out to our insurance agency if you have any questions or concerns. Our insurance agents can review your current home or renters insurance coverage to help you determine if you have any potential gaps in coverage.
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