Valuable Article Insurance

Valuable Article Insurance

Many of us keep items in our home that are of high monetary or emotional value; these may include jewelry, family heirlooms, antiques, expensive carpets, art pieces, and a multitude of other valuable articles. Most policyholders assume that these articles are covered under their primary homeowners or renters insurance policies; however, these policies offer very limited coverage for high-value items, and may not even cover them at all. A valuable article insurance policy addresses this issue by providing specific coverage to protect your most valuable possessions. 

How does it work?

There are two types of valuable article insurance that you can purchase - one is on a blanket basis and the other is on a scheduled basis.

A blanket policy allows the policyholder to choose a maximum coverage limit for all of the articles they possess without having to provide appraisals for each individual item. These policies typically have a per-item sub-limit for each class of item and the deductible is normally waived. For instance, if you have $10,000 blanket coverage with a $1,000 per-item sub-limit for jewelry, the most that the carrier will cover for any one damaged or lost piece of jewelry is $1,000. Blanket coverage is advantageous for policyholders who own items of similar values where each individual item is valued under the per-item sub-limit. These policy types are generally more cost-efficient than scheduled coverage.  

A scheduled policy requires the policyholder to provide specific values and appraisals for each item they wish to insure. In the event of a total loss, the policyholder is reimbursed for the agreed value listed on the policy. Scheduled coverage provides broader coverage to each item, as the property is insured anywhere in the world, except for art pieces, which are only covered in the U.S. This policy type is advantageous for policyholders that have higher-value items they wish to insure individually. 

Valuable article insurance provides coverage against most of the same perils that are covered under a homeowners or renters policy with very few exclusions. It is a small investment to make to protect your most valuable possessions. At ATAB Insurance Services, we have access to markets in Texas and California and will work with you to ensure all of your valuables are properly protected under the policy type that works best for you. 

Contact Us today for more information on obtaining valuable article insurance.