Homeowner's Insurance: What you can insure

If you have items that are not covered in your homeowner’s insurance policy you will want to look into your options for insuring them. Do yourself a favor and ask your agent or insurance company exactly what is covered. Most homeowner’s insurance policies have limited coverage amounts for items such as coins, stamps, furs, antiques, jewelry, and collectibles.

Floaters are available so that you can cover valuable items at an agreed upon dollar amount. Or if you would rather, you can add a blanket policy that will cover these items at an agreed upon value per type.

Floaters do not usually have deductibles attached to them, so your coverage begins with the first dollar that you lose. Additionally, floater policies are most commonly written as all risk. Generally speaking, this means that your items are covered for all perils.

Some homeowner’s insurance companies will help you to take inventory of all your valuables. They may also assist you in setting up a third party appraisal. And of course, this is essential because you need to know what your items are worth.

1. Take inventory of every valuable in your home. This could include everything from art to collectibles to jewelry.
2. Any more important or valuable items should be appraised. A professional appraisal service should be able to help you out with this. But remember, you may need to hire a specialist in some cases.
3. Ask your insurance company about floaters. Additionally, make sure that you discuss what you can cover, the limits, etc.

As you can see, you can insure any valuables that you have in your home. Although your homeowner’s insurance policy may not cover them, you do have options to take advantage of.