When it comes to preserving your most valuable possessions, whether it’s a family heirloom, a prized collection or an investment piece, proper care and protection are crucial. Local insurance experts know firsthand the risks involved in owning high-value items and can offer invaluable advice on how to protect them from damage, loss or theft.
We have gathered essential tips from professionals in our community to help you ensure your precious belongings are well-maintained and adequately covered, giving you peace of mind knowing your investments are secure.
Elizabeth Hobdy Jones - Farmers Insurance Agency Owner
GL: Many people don’t realize that valuable items, like jewelry and art, need to be appraised regularly to maintain accurate coverage. How often should homeowners update their appraisals? What type of insurance policies best protect assets?
EHJ: We always recommend people reach out to us any time there is a new purchase or life event. Many people think jewelry and firearms are automatically covered, but that is not the case. As far as jewelry, as long as the appraisal has been updated in the past three years, we can use that as the value to insure. I encourage everyone to have all valuable items reappraised every three years. Many people inherit sentimental pieces, and all of this can be added to your home policy.
Bart Browder - My Team Insurance Services Licensed Insurance Professional
GL: What are the most common mistakes homeowners make when insuring high-value possessions? What security measures do insurers recommend for storing high-value items in a safe?
BB: Homeowners often don’t understand the limitations of the standard homeowner's policy; these policies have very small limits on payouts for valuables like jewelry, furs and firearms. My advice is to take inventory of your possessions and review it with your insurance agent. They can identify coverage gaps and help you find the right solution. Proactive communication with your agent is key. Using a certified fire-resistant safe is an effective way to safeguard smaller, high-value items while typically providing a discount on your insurance premiums. Professionally monitored home security systems can help you save on insuring your high-value items as well.