TUESDAY, MARCH 7, 2023
Home insurance provides financial protection in the case of loss or theft of your personal property. Policies like this have limits. If you have very valuable items, you need to estimate the value. Sometimes, insurers need you to verify the value of these items. Doing so helps protect these assets on your insurance policy. How do you do that?
Determine Which Valuables Need an Endorsement or Add-on Coverage
Some valuables need more insurance protection than your basic home insurance policy can offer. For example, most insurers provide coverage up to a certain dollar amount per item. This may be $1,000. If your valuable is worth more than this, it needs a special policy. This is an endorsement or add-on to your existing policy. To determine if you need this coverage, determine the basic value of the items you own. What do you own over this stated value? You can find the per item limit on your policy. 
Get Items Appraised
The best route to protecting these items is to secure an appraisal. Most communities have professionals capable of providing an appraisal of items. For example, a respected and licensed jeweler can help you appraise any type of jewelry or gems you own. If you have China or other types of high-end household goods, look for a local vendor. Or, consider an antique company. Collectibles like baseball cards or sports memorabilia also need a local expert to confirm value.
If you cannot find someone to help you, ask your home insurance agent. The agency may have in-house recommendations for you to use. These professionals are authentic providers. The insurance company respects them as a trusted appraiser.
You will need to bring the items to the appraiser. The professional will base the decision of value on research and facts. This is not a speculation but rather a true value. If the item sold today to interested buyers, how much could you receive for it? This is the question they need to answer.
You may not need to have a formal appraiser. Research online can help the agent determine the value. You can both agree to the value in writing as well. The goal is to work closely with your home insurance agent for these items. Be sure you have documentation of the worth kept on file. You need this information if any claim occurs later.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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