After unwrapping all the holiday gifts, you are now the proud owner of a new computer, antique or modern jewelry, art, or classic original book. To protect your investment and ensure that its value is covered properly, it is time to call an Orlando home insurance agent.
When a loss occurs, the provider will pay the replacement cost up to the selected coverage amount. Consumers need the personal assistance of an insurance agent to help them navigate the adequate riders and policies to insure each object. So thank your relatives, but be sure to have a written appraisal or detailed receipt to record the object’s authenticity and estimated value.
Most policies do have a limit and whether the item is lost, stolen, or destroyed you will have protection. Deductibles are very low and fall within the homeowner’s policy. For example, a $250,000 homeowner’s policy will insure for as much as $125,000. Specific items such as flatware, firearms, coins, stamps, and furs tend to have maximums of $1,500 to $2,500 in the event of damage or theft. Policies are also categorized between what is kept at home versus in a vault.
As for computers and electronic items, seek out adequate replacement value coverage to be able to replace your current item with a new one, not just actual cash value insurance. Some insurers also provide floater policies for individual, higher dollar items.
Many big insurance companies will not cover items over $200,000, so you will want to seek out providers that have special services and compensation for appreciation or loss in value. Many individuals are looking to put their money in hard assets that will appreciate, so if you inherit or purchase a big-ticket item, it is worth looking into these types of policies.
“It is very practical to ensure all the things that you use in your daily life that are highly valued,” said Lee Rogers, of www.floridainsurance.com. “Every year you should review your coverage with a trained agent to be sure you are adequately protecting your investments.”
It is best to take pictures or video of your collection and any unique markings that help authenticate the piece. “Florida Insurance recommends that you keep a simple inventory of your collectibles and email it to yourself so you can access it from any computer,” Rogers said.