Although a standard home insurance policy will cover some valuable items, it will have coverage limitations or may contain specific stipulations on which high-value items can be covered. It is important to review your policy to make sure that your valuable items are properly addressed within your coverage.
Inland marine insurance can supplement your existing insurance policies and provide added coverage for your prized possessions. It may cover several types of movable property and supplement existing insurance policies.
You can add more protection to your homeowners insurance by increasing your total coverage limit, scheduling your individual pieces of jewelry under a scheduled policy, or buying separate insurance that covers solely the items you’re looking to insure.
Trip Insurance for Costly Items
The ways to have the costly items like mobile phone, camera, jewellery, etc. in your luggage covered are-:
- Buy a separate insurance policy for the items
- Declare the valuables to the insurer
- In order to obtain the right level of watch insurance cover, it’s important to know its current market value.
Insuring a Vehicle for More Than Book Value
You can insure a vehicle for more than the market value if you’d need to buy a new one. That’s your financial loss. Home contents insurance covers loss, theft or damage to possessions in or out of the home. New-for-old cover is common.