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Any item that will be of significant cost to repair or replace should absolutely be covered. Think of these items as small investments that you want to hold value. If you bought a boat this year, you want the policy to cover you for the same amount next year and the year after. Jewelry, furs, electronics, motorized vehicles, and antiques should all be covered even if you don't use them.
If you have personal property coverage under a homeowners or renters policy, then many of your items are already covered to an extent. The standard homeowners policy will cover you, up to your limit, for property that's been stolen or damaged in certain events. However, that policy will not cover you for everyday wear and tear such as a jewelry stone falling out of place or a motorized vehicle intended for leisure use breaking down.
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These items should be treated the same way you'd treat your car or your house. Protect these items and you'll thank yourself later! Call us at
609-385-1975 |
Motorized vehicles that are intended for use on home maintenance will be included in your homeowners policy, up to the limit. Items that exceed the limit of the homeowners policy will be added on as a floater or rider with it's own limits or will be written as a separate policy to ensure the full cost of the vehicle is covered. Vehicles used for enjoyment should be classified as "toys" and will need their own specific policy.
If a valuable's replacement cost exceeds the limit on your standard policy, you'll want to have a sperate endorsement for that item. You have the option to put the item under a blanket coverage or an individual floater or rider. An agent will be able to guide you to what options will work best for your situation, reach out to speak to an agent!