How many high-value assets are in your home? TVs, Laptops, priceless heirlooms and jewelry – many of us probably don’t think about it until disaster strikes and our precious assets are stolen or damaged. Even if you have a standard homeowners or renters insurance policy, only some high-priced items in your home are covered and others require entirely separate protections.
5 Household Items You Should Protect with Insurance
1. Jewelry
A blanket homeowners or renters insurance policy may already cover some of your jewelry, but most policies have a monetary limit well below the value of more expensive pieces. Make sure that your finest jewels and priceless heirlooms are covered. Have your jewelry appraised by a professional and if the value exceeds the amount covered in your standard policy, consider added an additional provision to your current insurance or purchasing a separate policy.
2. Computer & Entertainment Equipment
If you own valuable computer or entertainment electronic equipment for personal use, it will already be covered up to a certain monetary limit by a standard homeowners or renters policy. If that equipment is used for business purposes – i.e. home office or in-home business – you may need a separate property insurance policy to cover that laptop or peripheral equipment as a business asset.
3. Valuable Artwork
Similar to jewelry, some artwork may be included in your homeowners or renters insurance up to a specific amount. Be sure to have your artwork appraised by a professional and protect it if its value exceeds what’s covered. If the artwork remains within your home, you may choose to purchase a supplemental art policy, however, if the art is ever on public display, you may wish to purchase a public liability policy to protect the piece from damage while it remains out of the home.
4. Specialty Tools
Mechanics and contractors working in a trade that requires specialty tools will want to review their homeowners or renters policy for protection of tools store at home. Whether you work from home or simply store the tools at your home, protect them from theft or damage with additional homeowners insurance or a separate commercial insurance policy.
5. Pets, Horses and Livestock
The liability portion of your homeowners insurance typically will cover dog bites or property damage caused by your pets, but depending on the breed, your pet may be excluded from your homeowners policy or may increase your premiums. Certain kanines and livestock require additional liability insurance. Horses and livestock used for commercial purposes will require separate equine or commercial farm policies. And don’t forget about Animal Health Insurance to cover illnesses, injuries or accidents requiring veterinary services.
Protect the special assets in your home or rental property with additional insurance coverage. And for those individuals with high value assets, consider purchasing a personal umbrella policy. Speak with experienced professionals at Atlas Plus Insurance to review your current insurance policy and explore options for building a wide safety net.