{"id":8820,"date":"2023-12-13T15:15:28","date_gmt":"2023-12-13T23:15:28","guid":{"rendered":"https:\/\/blog.answerfinancial.com\/?p=8820"},"modified":"2024-02-09T12:42:22","modified_gmt":"2024-02-09T20:42:22","slug":"new-high-value-item-cover-it-with-an-insurance-endorsement","status":"publish","type":"post","link":"https:\/\/blog.answerfinancial.com\/new-high-value-item-cover-it-with-an-insurance-endorsement\/","title":{"rendered":"New High-Value Item? Cover It with an Insurance Endorsement*"},"content":{"rendered":"\n

Whether Santa\u2019s been extra nice this year, you just received a very generous birthday gift, or it\u2019s engagement ring season, you always want to make sure your valuables are protected. Anything can happen, from theft<\/a> to natural disasters<\/a> and serious mishaps. Unfortunately, your normal homeowners or rental policy may not always cover your most precious things. Here are some tips on reviewing your insurance policy to consider adding an insurance endorsement to get the right coverage<\/a>.<\/p>\n\n\n\n

Check Your Current Coverage Details<\/strong><\/h2>\n\n\n\n

Standard homeowners policy generally cover jewelry and other expensive items up to a certain amount if it is lost or damaged because of a covered peril as detailed in the policy terms. However, you need to be aware of special limits and exclusions for certain valuable items. To keep coverage affordable, the standard policy may have a relatively low limit of liability for theft.1<\/sup> This means an expensive necklace or engagement ring<\/a> might not be covered. Therefore, it\u2019s very important to look at your policy details.<\/p>\n\n\n\n

Make Plans to Adjust Your Coverage<\/strong><\/h2>\n\n\n\n

There are certain ways to add coverage for individual personal valuables; like raising the limit of your personal property coverage. This can be a less expensive option, but amounts are still capped for both individual pieces and overall losses.<\/p>\n\n\n\n

Purchasing an insurance endorsement, also called a floater, is another option. With this choice, you \u201cschedule\u201d your individual valuables. This may offer broader protection for your valuables and cover loss of any type, including situations your homeowners (or renters) insurance policy does not cover, like losing a ring down a drain or leaving a watch on vacation. Getting an endorsement takes a little more effort. You\u2019ll likely need to have your covered item professionally appraised by a reputable appraisal firm.1<\/sup><\/p>\n\n\n\n

Not Only for Jewelry<\/strong><\/h2>\n\n\n\n

Increasing your coverage isn\u2019t only for common valuables such as expensive jewelry or watches. It can be essential for any item that goes above and beyond the individual item coverage on your policy. Here\u2019s a handy list to consider:<\/p>\n\n\n\n