October 4, 2021

Insuring Your Valuables

Between birthdays and holidays, Doherty Insurance knows that purchasing the perfect gift can be difficult. While showing our appreciation to our loved ones through our words, actions, and thoughtful gifts is important, Doherty Insurance wants to remind you to match the perfect gift with the perfect insurance policy. Keeping surprise gifts, such as jewelry and artwork, covered by the proper insurance is the best additional gift.

A Scheduled Jewelry and Valuable Artwork Policy is coverage that extends beyond the standard homeowners’ insurance so that you can ensure the full-value coverage of expensive items like jewelry or fine arts in the event of a claim. This supplemental insurance policy protects valuables.

Here at Doherty Insurance, we want to make sure you have the right policies in place, which is why our team is here to help you understand why scheduled jewelry and valuable artwork policy is an important addition to a homeowners’ policy.

Isn’t A Homeowners’ Policy Enough to Protect My Valuables?

Unfortunately, it isn’t. While your homeowners’ insurance policy does offer coverage to personal belongings, such as furniture and clothing, most insurance policies have limits. If you have items beyond the limit of your policy, they most likely are not covered if stolen, lost, or destroyed in a fire. Doherty Insurance can help you understand the specifics of your policy — and if you have jewelry, artwork, or antiques that are valued beyond these limits, let us help you ensure that they are fully protected.

I Know Jewelry Should Be Insured - What Other Items Should Be Protected?

If you own anything that surpasses the limit in your policy, you should look into purchasing additional protection. This can include, but is not limited to:

  • Fine arts and artwork
  • Smartwatches
  • Cameras
  • Firearms
  • Musical equipment
  • Silverware & expensive china
  • Furs
  • Stamps & Collectibles
  • Antiques
  • Computer equipment

In general, if you have items valued over $1,000, you should reach out to Doherty Insurance to see if they require additional coverage.

Okay, So Do I Need a Recent Appraisal of My Item?

Most insurance companies require an appraisal within the last five years, or sooner. Even if your insurance company does not require an appraisal or appraisal updates, we suggest getting them anyway to be sure you’re insuring your valuables to their fullest potential.

It’s also important to remember that insurance companies will not accept a receipt of purchase as a measure of value. When writing a policy or paying a claim, the insurance company relies on the appraisal, not the cost.

Are There Other Benefits to Insuring My Valuables?

A Scheduled Jewelry and Valuable Items Policy can offer additional protection of your valuables and may cover some additional risks. A standard homeowners’ policy does not cover any items that may be lost, so purchasing an additional layer of protection can help keep your mind at ease. Another benefit of insuring your valuables is you may not have to pay a deductible and you also may have the option of choosing a lower deductible for the items you are adding to your policy.

Having the knowledge that all your insurance policies are in one place, will also bring peace of mind. While stores may offer insurance for items purchased, working with one agent can help eliminate multiple policies. This way all your paperwork is only one phone call away.

How Do I Determine What Needs Additional Protection?

Doherty Insurance suggests:

  • Reviewing your policy with Doherty Insurance to help identify the limits for certain types of personal property.
  • Take a home inventory of your personal belongings to see if anything exceeds coverage limits and needs to be added.

At Doherty Insurance, we will work with you to find a policy that covers your prized possessions. Contact us today and get started via our website or at 978-475-0260.

Doherty Staff
Home Insurance
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