You probably already have coverage for personal items through your homeowners, condominium, or renter’s insurance. However, if you have a number of expensive or unique items of significant value, the coverage may be minimal compared to the value of your goods.

For instance, you may a microbusiness in which you provide remote support services that require an elaborate computer hardware and software setup in the office. You may have been given an extensive silverware set as a wedding gift, or have hydraulic tools for your weekend auto repair hobby in the garage. However, your homeowner’s policy may limit coverage for computer-related items to $5,000, while silverware coverage may be limited to just a little more than $2000. With regard to your tool collection, your policy has limits as well.

In the end, you don’t have adequate coverage for what’s in your home, even if you do for the home itself. What if you don’t have some form of home insurance?

You may want to consider getting separate coverage for valuables. Personal Item insurance, also known as personal property or personal articles insurance provides such coverage. It comes as a standalone policy or as an additional endorsement to your home insurance coverage. Additionally, you can still start a personal items policy even if you do not have home or renter’s insurance.

A personal items policy can provide extended coverage to:

• artwork and oriental rugs
• baseball cards and valuable sports memorabilia
• books
• coins and stamps
• computers and related equipment
• jewelry and furs
• golf equipment
• musical instruments

By scheduling such items in a separate policy or endorsement, and providing detailed information and up-to-date values for each, you will ensure that you have enough insurance coverage in addition to a home policy for replacement in case of loss, theft, or damage.

In the event that you have to report a claim for property scheduled under a personal items policy, it must be done within 90 days from when the loss occurred. Provided that your insurer accepts the reported loss, you will receive remuneration quickly---within 30 days of the claim. Although the property covered under a personal items policy or endorsement usually carries great sentimental value, the payment will at least be some compensation and give you the opportunity to create new memories.

If separate or endorsed personal items coverage is right for you, you should inquire with your current insurance providers, as they may offer such coverage. It may also benefit you financially, as many insurance companies offer policy reductions for multiple policies by one client.

References:

www.metlife.com. FAQ: Property Coverage

Travelers of Florida. Personal Articles Insurance 101.

Tdbanknorth.com. Personal Items

The Rough Notes Company. Personal Jewelry And Furs Insurance