Many people are surprised to learn that a home insurance policy can cover the loss of jewellery, watches, gems or fur garments even if the loss doesn’t occur in the home. If you lose a ring while travelling, a fur coat at a restaurant or an expensive watch while swimming, your home insurance policy may have a clause that protects you. By learning about your home insurance policy’s conditions and limits, you can ensure your valuables are protected no matter where in the world you may be.
Understand Your Insurance Policy
Most home insurance policies already have sections included that cover valuables such as jewels, watches and furs, so it’s in your best interest to know exactly what the limits, conditions and exclusions are when applied to your situation. Check the specific dollar amount of valuables covered by your home insurance and compare that to the actual value of the keepsakes in your possession. If you own more than what your policy covers, you might want to consider paying for extra coverage to keep your valuables protected.
You’ll need some sort of record of your valuables to prove to the insurance company that you do, in fact, own them before you can make a loss claim. For that reason it’s important to save any receipts from your initial purchase and to take pictures of the items for your records. Typically, an insurance company will ask for a list of your valuables along with their market prices when you open the policy. Over time, many valuables will increase in value, so you should have their financial worth assessed by a certified appraiser every so often. If you add any pieces to your collection, you should be sure to inform your insurance provider of these acquisitions. Keep note of your policy limits and be sure to add extra coverage if your collection warrants it.
Prevention Is The Best Medicine
By keeping your valuables safe, you’ll be less likely to have to make a claim and end up paying higher premiums in the future. Protect your jewellery, precious stones and watches like you would a large amount of cash or a bar of gold. Investing in a strong, fireproof, home safe may save you money and hassle in the long run. When you’re out and about, be sure not to be flashy with expensive jewellery in less secure places and take advantage of hotel safes when available. If you’re going to places such as a gym or an arena dressing room, you might want to consider leaving your valuables at home or carry them with you in a bag rather than leaving them unattended in a locker.
Communicate With Your Insurance Broker
By keeping your insurance company up to date about your possessions, you can also learn about any changes in your policy that may affect your situation. By taking a few simple steps and communicating with your insurance broker, you can be assured that your collection is protected from any unfortunate circumstances.
To find out more about how you can save on your home insurance policy, contact an experienced professional at Bow Valley Insurance for a free, no-obligation quote.