Commonly, items of value include jewelry, furs, silver, guns, stamps, and coins. Coverage is limited by your homeowner policy, yet may be scheduled on a “personal-articles” floater. Typical policy floaters offer broad coverage, often with no deductibles. In a sense, you’re agreeing to value, prior to loss. Floaters are also written all-risk, meaning the policy covers against everything except what’s excluded. We advise clients about the many advantages to scheduling and protecting possessions:
- Comprehensive global coverage for damage due to fire, theft, earthquake, flood, and breakage.
- 150% replacement for any scheduled item.
- Newly acquired collections coverage.
- Items covered in transit.
If you have Inflation-Guard Coverage, review your policy yearly to find any fluctuations in value.
This lets collectors receive full value for a scheduled item at the time of a covered loss. The right paperwork, such as a bill of sale, help ensure a seamless resolution.
High-blanket, per-item limits help you efficiently manage lower-valued items, under one coverage limit, that are part of a larger collection. This takes less admin time than a scheduled option. Yet you must prove ownership and value at time of loss. Blanket coverage may be practical as a supplement to scheduled coverage.