Insuring Your Valuables

Author: Kathryn Wier Posted on: 19.02.2016

OTC Insurance Brokers Inc. is an insurance broker in Dartmouth, Nova Scotia. This week’s blog post looks at insuring your valuables.

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Protection for the Finer Things in Life

Nothing says, “I love you” like a sparkling diamond necklace or a designer watch. In the event of a loss, nothing causes more heartache than learning that you’re underinsured. Learn more about how you can protect the finer things in life with additional coverage options, highlighted below.

Coverage options

Additional coverage is available through a policy endorsement or floater.

 Endorsements

Endorsements are additions to your homeowners, condominium or renters insurance policy, which change or add to the policy’s provisions. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value.

 

For all items, an appraisal or sales receipt is typically 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.

 

The endorsement can cover property otherwise excluded from a basic homeowners insurance policy, extend the number of perils insured against, or increases the amount paid for a covered loss. Items scheduled are typically not subject to the policy deductible.

Floaters

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

 

If you have an existing endorsement or floater, it is important to periodically review your policy’s coverage limits to minimize the likelihood of underinsurance arising from outdated appraisals and inadequate limits of insurance.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 specialists would be happy to provide you with more information about coverage and an estimate for the cost of scheduling an item.

 

Before a thief steals your antique coin collection or your diamond ring accidentally gets washed down the drain, call OTC Insurance at (902) 481-0700 to learn more about the affordable ways we can help you protect the things you value most.

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Gold and Diamond Solitaire Ring

Gleaming Strand of Pearls --- Image by © Royalty-Free/Corbis

Gleaming Strand of Pearls — Image by © Royalty-Free/Corbis

Loose Diamond

Loose Diamond

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