Clarke & Sampson Blog

Insuring Valuables

Matt Stephens | Monday, September 28, 2015

Why should I Insure my Valuables? 

Your valuables are important to you and insuring them is equally important to prevent serious loss in the event of damage or theft. 

The limited coverage provided in your homeoweners policy may not be sufficient to cover your valuables in the event of a loss. 

Whether it's a diamond ring or silverware set, we can help you insure the things you value most. Find out more about our affordable insurance options! 


Coverage Options

Standard homeowners, condominium or renters insurnace policies include a limited amount of coverage for jewelry and other valuable items. However, many policies limit the dollar amount of coverage for the theft or loss due to a covered peril of such items. To properly protect certain types of valuables, additional coverage is available through a policy endorsement or floater. 


Endorsements are additions to your homeowners, condominium or renters insurance policy that change or add to the policy's provisions. The endorsement can cover property otherwise excluded from a basic homeowners insurnace policy, extend the  number of peril included, or increase the amount paid for a covered loss. The items of value are "scheduled" on a list that includes a bried description and the item's dollar value. 

To determine each item's value, an appraisal or sales receipt is trypically required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item. Items scheduled are typically not subject to the policy deductible. 


A separate personal articles floater policy may be used to schedule your valuable property that is subject o special limits under basic homeowners coverage. 

Once you have an endorsement or floater, it is important to periodically review your policy's coverage limits to minimize the likelihood of being underinsured due to outdated appraisals and inadequate limits of insurance. 

The Cost of Coverage

The cost of coverage varies upon the item, but typically the fee is nominal. Our personal lines team of professionals can provide you with more information about coverage and an estimate for the cost of scheduling an item. 

Before a theif steals your possessions or precious jewelry becomes lost, call Clarke & Sampson Inc. at (703) 683-6601 to learn more about the affordable ways we can help you protect the thing you value most!

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