The holidays are the giving season but now that the celebration is over, make sure you have adequate coverage to protect your valuables from damage, loss and theft.
Perhaps you received a beautiful piece of jewelry or art, a valuable watch, book or bottle of wine. Maybe you even found a shiny, classic car in the driveway, adorned with a big bow. While your standard homeowner’s insurance policy extends coverage for jewelry and other collectibles after a loss, unfortunately, homeowner’s insurance policies could fall short of covering high-value items and can be subjected to your homeowner’s deductible.
The risk advisors at Oswald Companies can help you protect these precious gifts by determining your needs, then securing the right coverage.
Here are a few things you can do in the meantime to protect your existing and future high-valued items.
- Keep copies of purchase receipts.
- Perform regular inventory of your collection.
- Catalog your collection with photos.
- Have your valuables appraised every two to three years to avoid over- or under-insuring your collection.
- Utilize safe storage. Store your valuable jewelry in a bank vault or home safe when you’re not wearing them. In the case of fine art, hire a gallery to properly install valuable art pieces to help avoid breakage, fading or damage.
- When traveling, bring only those pieces of jewelry you intend to wear. An even better rule of thumb is to travel only with costume pieces. Leave high-value items at home in safe storage.
Here is additional information from our carriers. We can help you connect with them to ensure your valuables are protected for the long haul.
Resources
- Berkley One: Book collecting 101: Trends, American classics and care
- Chubb: Protect Your Wine
- Cincinnati Insurance Companies: Art on Wheels: Insuring your Collector Auto
- Nationwide Private Client: Protect Your Valuables with the Right Safe
- Pure: The Thriving Market of Second-Hand Luxury Timepieces
- Oswald Companies: “Insuring” Your Valuables Are Protected This Valentine’s Day
For more information, visit our Personal Risk page or contact us here.
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.