From family heirlooms to gifts from loved ones, jewerly and fur hold high sentimental value. It is important to properly protect these precious high market value gifts with the proper insurance.
Does Home Insurance Cover Them?
Home insurance alone may not cover the full value of these special items.
In a standard insurance policy, furs and jewelry are subject to a reimbursement limit in the event of theft or loss (on average about 3 000$, depending on your policy).
It is therefore important to take out insurance for specifically designated items. Among other benefits, this so-called high value coverage may not have a deductible.
How can you Properly Appraise your Valuables?
When you lose a timeless item such as a piece of jewelry or a fur, it is difficult to replace it with something new.
It is also difficult to rely on its initial cost, since it has probably increased in value over time.
Therefore, in order to insure these precious objects at their fair price, it is wise to have them appraised by a certified appraiser in order to receive a fairer compensation in the event of a loss and to validate that your insurance amounts on your personal property are sufficient.
For more information, talk to your broker to see if your coverage needs to be adjusted to better protect these important elements of your estate!