Will Property Insurance Protect My Valuables?

After a disaster, most property owners fear for the valuables left in their homes. Disasters are often unexpected, rarely leaving enough time to secure your prized possessions and irreplaceable family heirlooms.

If the unthinkable happens and you lose your most valuable possessions to a flood or fire or even a robbery, you only have one question: Will property insurance protect my valuables?

Do I need Special Coverage?

Take a long look at your property insurance policy. Read every bit of it, line by line. Most property insurance policies have a section regarding lost or damaged items. This amount is often a hard limit, a lump sum you would receive in the event of a disaster that you could use to get new furnishings and equipment. For jewelry, this is usually $1,500.

If you believe your jewelry or other possession is worth more than $1,500, you should have it appraised. With a set value, you can get a “floater,” an additional piece of coverage specifically for the appraised item.

Floaters require work on your part. If you’re worried about your valuables, you should have them appraised and discuss extra coverage with your insurance agent.

What Items Can Be Insured?

While you can get extra coverage for appraised valuables, not all items can be covered. The following are a few commonly insured valuables:

· Jewelry

· Fur

· Collections of Items (Coins/stamps/valuable memorabilia_

· Expensive electronics (computers/cameras/hearing aids)

· Sterling silver- or gold-plated silverware

If you’re unsure whether your valuables can be insured, call your insurance agent and discuss your options.

If your property insurance agency refuses to honor your policy or doesn’t offer you the appraised value, you might have a case. If you’d like an experienced Florida property insurance attorney from Strems Law Firm to evaluate your claim, please send us an email or call (786) 661-3111.

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