People take pride in collecting valuables and it’s vital that these items are insured with confidence. Whether you are passionate about jewelry, fine arts, wine, coins, or other collectibles, it’s important to find a carrier who understands that these treasures reflect who you are and what is important to you. As an insurance advisor, I recognize the importance of insuring the special possessions that you may have inherited from a loved one or worked so hard to collect.
It’s easy to assume that your valuable articles are covered under your homeowner’s insurance policy; however, there are typically limits on the coverage that won’t cover your items to their full value. Your treasured collectibles should be protected for their true or appraised value and also be protected for the broadest coverage available.
Having a “Valuable Articles” insurance policy that is separate from your homeowner’s policy is the most effective way to insure your collections. Advantages of keeping your valuables separate from your homeowner’s policy include some of the following:
Unlike your homeowner’s insurance policy, most Valuable Articles policies cover all risks and typically have no deductible. If your collection is insured on a standard homeowner’s policy, there are exclusions and deductibles that apply to your valuables. Certain carriers, offer “all-risk” coverage for most causes of loss, usually without a deductible.
If you travel frequently, it’s important to have insurance coverage that follows you across the globe. Imagine being overseas and your watch that you inherited from a family member was stolen. The last thing you would want to hear is that the watch isn’t covered. Different carriers recognize that these types of pieces are priceless and you should never doubt that you are covered, especially during a vacation.
Most homeowner’s policies exclude coverages for lost or misplaced items. High Net Worth carriers have policies that offer automatic coverage for misplaced, stolen, or lost items.
Blanket or Scheduled Items
With a standalone Valuable Articles policy, you have the option to protect an entire collection, schedule items individually, or do both. This allows you to customize the coverage amounts that best fit your personal needs.
As you can see, there are numerous benefits of having a standalone Valuable Articles policy. It’s important to find an insurance carrier who understands the years that you have spent investing in managing your collections. We recognize that our clients cherish their possessions and strive to teach them about why it’s valuable to have a collections policy that is personal to them.
Abbey Bouchard, a Client Advisor in the Private Client division of Bouchard, specializes in high net worth personal insurance that focuses on affluent individuals with more complex insurance portfolios and exposures. As a third generation Bouchard working for Bouchard Insurance, Abbey’s purpose is to continually better serve the affluent client base by promoting exemplary service and always putting the client first. | Connect on LinkedIn