You just unwrapped a dazzling diamond ring, a sparkling string of pearls or a handsome heirloom watch. Or perhaps you received an antique set of china, a rare piece of art or a set of designer golf clubs guaranteed to perfect your swing (well, it is the season of hope, right?). Next, be sure to protect your new treasures with the proper insurance.
Many people are surprised to learn that certain expensive or sentimental belongings may exceed the coverage limits on their standard homeowner’s policy, leaving their valuables vulnerable. You can avoid such unwelcome surprises by talking with your insurance agent about a policy provision, known as an endorsement or a rider, that adds benefits to or amends the terms of your policy to ensure that your valuables are covered if they’re lost, stolen or damaged.
That’s right: Whether your engagement ring slips down the bathroom drain, your antique camera is the victim of someone’s sticky fingers or your golf clubs break when they—oops!— accidentally strike a hidden rock or tree root, your belongings are covered with guaranteed replacement value. While unique possessions like that collector baseball card or Grandma’s goldware cannot be replaced with identical items, of course, you can rest easy knowing that you will be financially compensated for their loss. Just be sure to talk with your agent about securing an appraisal for your items first.
You may want to consider adding this type of protection to your policy if you have the following pricey or sentimental gifts:
- Comic books and trading cards
- Furs and garments trimmed with fur
- Cameras, projection machines, and related articles or equipment
- Musical Instruments and equipment
- Postage stamps
- Items of silver, silver-plate, gold, gold-plate and pewter
- Golf clubs and golf equipment
- Fine art
- Rare and current coins
You can add this protection to your policy at any time, but keep in mind that endorsements offered may vary by state. To explore your coverage options, connect with an insurance agent today by visiting AAA.com/Insurance.