Valuable Articles / Fine Arts
Valuable possessions, such as jewelry, fine art, silver, antiques, and furs, are afforded only limited financial protection under homeowners insurance, even when covered through a premier insurance provider. There is, however, an easy way to protect valuable items against financial loss. A valuable articles policy can be added to your homeowners insurance to provide additional protection.
Valuable Articles Coverage Options
By itemizing — also called “scheduling” — individual items as part of your valuable articles policy, you and your insurer agree on their value before a loss happens. However, you don’t have to itemize all of your valuables.
Usually you can also obtain “blanket” coverage. Typically there are per-item limits for blanket valuable articles coverage. Your Marsh personal risk adviser will work with you to determine the appropriate coverage for your family’s treasures.
The Benefits of Listing Jewelry and Valuables on a Schedule
Not everyone needs valuable articles coverage. However, if you own jewelry or other valuables, you should consider this extra coverage. By scheduling your valuable articles, you can avoid coverage limitations and may also receive:
- 100% of the insured value in a cash settlement for a covered total loss, and if you chose not to, you won’t be required to repair or replace scheduled items.
- A market value settlement clause, whereby you may also receive up to 150 percent of the insured amount of an item designated on the policy if it costs more to replace it at the time of loss.
- Worldwide coverage.
- Coverage for breakage of fragile items.
- Coverage for newly acquired items.
If something happened to your valuable possessions, your homeowners policy may only cover the loss minimally, or not at all. That’s why it’s a good idea to create an inventory, establish the value of your possessions and then protect them with a valuable articles policy.