Don’t overlook coverage for valuable articles like jewelry and fine art.
Do you own valuable articles like jewelry or fine art? If so, you may need a separate personal property insurance policy that specifically covers valuable articles kept on your property. Don’t assume that your homeowners, condo or renters insurance policy covers these items. Some policies specifically exclude high-value items like jewelry, artwork or musical instruments, and others only provide minimum coverage for these prized possessions. Be sure to review your homeowners policy to determine whether you might need to purchase additional coverage to protect your valuable articles.
Nixon & Lindstrom is an independent insurance broker with more than 65 years of experience helping clients appropriately insure their valuables. Our agents can help inventory your most treasured possessions and compare insurance policies from multiple companies to determine which one is the best fit for your collection. If you need to get valuable articles insurance for things like jewelry and fine art, request a free online quote today to learn more about specific coverage and pricing.
As mentioned above, most homeowners policies offer limited coverage for jewelry and other valuable items like fine art, luxury watches, diamond wedding and engagement rings, furs, antiques, gold and items of historical significance. Standard personal property coverage for these items is usually about $1,000 to $2,000 per item type, which means you’ll likely need to greatly increase the limits or take out an additional policy with heftier coverage. Appraisals are key to determining the value of your precious items and making sure your policy provides adequate coverage if any items are stolen, damaged or destroyed.
Insurance policy add-ons for valuable articles known as riders or floaters typically cover theft, as well as partial or total damage from a fire or a named weather event. Most jewelry and fine art insurance policies also include coverage for accidental losses, including mysterious disappearances. Some policies even account for the market appreciation of your high-end valuables or collectibles over time.
Jewelry and fine art insurance doesn’t cover normal wear and tear or damage that occurs to a collection if it’s on loan or being displayed somewhere outside your home. Taking precautionary steps to keep your valuable articles safe and secure on your property is wise, but it isn’t always enough. Valuable personal property insurance ensures you’ll be able to repair or replace your most cherished belongings if something bad happens despite your best efforts to protect them.
The cost of valuable articles insurance varies depending on your collection and the value of the individual items you’re looking to insure. On average, the price is relatively affordable, with rates often equating to about 1% to 2% of the total value of the item you’re insuring. A $5,000 coin collection, for example, would cost between $50 and $100 per year to insure. Exact pricing will hinge on detailed appraisals, as well as the insurance company and whether they offer discounts for bundling insurance for valuables like jewelry and fine art with other policies.
As an experienced local insurance broker, Nixon & Lindstrom can help you get the best insurance coverage for your most valuable articles like unique family heirlooms, vintage toys, rare artwork or something else that would be virtually impossible to replace. Our agents have been helping customers throughout Springfield and southwest Missouri connect with top jewelry and fine art insurance underwriters for more than 65 years. Let’s work together to protect the extremely valuable—and highly sentimental—items that mean so much to you.