You've probably heard of supermodels insuring their legs or singers protecting their priceless vocal cords with insurance policies. While most of us don't need such extreme measures, many have valuables that warrant separate insurance coverage.
While a standard homeowner's or renter's policy can cover some of these items, it often has limitations and conditions, such as coverage for fire or theft only. If your homeowner's policy falls short of your needs, consider adjusting it to raise reimbursement caps or expand coverage to include additional risks. When these options don't suffice, think about obtaining separate, specialized, or scheduled policies for the following valuable items:
Jewelry: Your standard homeowner's insurance may not adequately cover the value of expensive jewelry. Increasing the liability limit for these items with a slightly higher premium is one option, but it may still exclude various accidental losses. A standalone or supplemental policy can protect against "mysterious disappearance" of precious jewelry and even cover lost stones, among other things.
Artwork: If you own high-quality art pieces, it's wise to have them regularly appraised and covered under a fine art "floater" on your homeowner's insurance. However, collectors or those frequently moving art to different locations should strongly consider a separate policy. Art insurance specialists can help assess your collection's value, and specialized policies offer broader coverage.
Bikes: Owners of top-tier bicycles should explore specialized coverage for the highest reimbursement in case of loss, damage, or theft. Policies for serious cyclists might include coverage for rental bikes, theft outside your home, and even event fee reimbursement.
Identity: Identity theft insurance, also known as identity fraud insurance, is readily available as an add-on to a standard homeowner's policy or as a standalone product. This insurance reimburses victims for the expenses incurred while restoring their identity and repairing credit reports, covering costs like postage and legal fees if your information is stolen. Note that it doesn't reimburse stolen funds.
Instruments: If you occasionally play your instrument at home, your homeowner's insurance may suffice for theft or fire damage. However, if you travel with your instrument or own a valuable antique, a homeowner's policy might not protect it against likely losses or damage. Musical instrument and gear policies are affordable and provide greater peace of mind.
Computers: Accidentally spilling coffee on your laptop is frustrating, but it doesn't have to be a catastrophe. Ensure that your homeowner's policy covers the replacement value (not just actual cash value) of your desktop or laptop at a minimum. A standalone policy can offer broader coverage, including accidents, hard drive failures, LCD issues, and Wi-Fi malfunctions.
For extraordinary valuables: Insurance companies typically don't offer standard vocal cord coverage. If you have something exceptionally valuable, consult your agent to explore more comprehensive coverage options. Remember, whether you schedule valuable items under your homeowner's insurance or opt for specialized coverage, it's your responsibility to monitor their value and regularly update your policy."
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