Some things are irreplaceable.
What we can do, is make sure that your valuables insured and that their value is protected. While no dollar amount can restore a burned photo album or a stolen Mickey Mantle rookie card in mint condition, we can provide you with the coverage you need to start getting back what you lost.
Below we outline 13 items you may not have thought to insure, both in the home and out of it.
In the Home:
While standard home insurance covers your personal belongings, the actual dollar amount these items are insured for may only be a fraction of their true value. If your home contains many high value items, it’s possible you won’t receive the full amount needed to replace them should disaster strike. How much coverage do you need to insure your belongings? This depends on your personal situation. Creating a home inventory checklist can help you estimate the value of your belongings to compare it with your coverage.
1. Engagement/Wedding Rings and Other Jewelry
Whether it’s your wedding ring or a necklace passed down through generations, jewelry can go missing in a heartbeat, no matter how careful you are. Having extra coverage for your jewelry protects you from everything from theft to a broken clasp that might cause a favorite necklace to fall off on a night out.
2. Electronics (computers, phones, cameras, etc.)
In a home break in, electronics are among the most common items stolen. According to the security company Reolink, laptops, ipads and smartphones are #2 only behind cash and just above other electronics. The portability and high cash value makes technology a hot ticket for home invaders. Beyond break-ins, from a poorly placed cup of coffee to a cat who thinks that laptop belongs on the floor instead of the desk, make sure your favorite electronics are completely covered. While insuring the hardware won't back up the data (that’s also a good idea), it will help you replace the stolen equipment and get back online sooner.
3. Collections
You can spend a lifetime building a collection of stamps, baseball cards or antiques only to have one event destroy it. Collections like these have the potential to be worth significantly more than their insured value, which means additional coverage is almost always a good idea. Truly high value collections, or those that were likely to appreciate in value or those with a personal connection, may never be truly replaceable. Your extra insurance can help you begin rebuilding and take some of the sting out of the loss.
4. Appliances
Your home appliances are covered by your homeowners policy, however, not always ideally. For example, while power surges from lightning might be, normal wear and tear usually is not. There are also deductible and replacement cost limitations to consider. Also the depreciated value of a high end appliance might make the replacement value lower than the amount you spent or the amount needed to replace it. Depending on the policy you have, you may want to consider if additional property insurance can help offset your costs.
5. Food
The food you have in a refrigerator or freezer when the power goes out? It may not be covered by your standard homeowners policy. For most people, their refrigerator contents may include basics and condiments, or you might tend to have expensive meats and produce on hand. It’s worth knowing how your policy extends to your perishables.
6. Fitness & Sports Equipment
For some people, their home gym is a life saver. Elliptical machines, treadmills or other sports equipment can cost thousands of dollars. They aren't likely to be pocketed in a robbery, but they can be destroyed by a fire or other disaster. If you went all out for a good home workout, go the extra mile for coverage.
7. Furniture
Like many other things on this list, furniture has standard coverage under a homeowners policy. It’s also one of the most important things a house needs to feel like a home. If your furniture is stolen or destroyed you’ll want to replace it quickly. If you’ve invested in high quality seating and dining, the extra coverage will go a long way toward getting back to normal.
8. Musical Instruments
From the Steinway in the living room to a child’s violin, musical instruments are high value items in the home. When you’re rebuilding the contents of your home there may be other needs that top the priority list, but that doesn't necessarily make them less important to your family. Extra insurance is a good way to cover yourbasses.
9. Fashion & Furs
Jimmy Choo
Dolce and Gabbana
Oscar de la Rente
If these names mean something to you, and also appear in your closet, a standard homeowners insurance policy won’t help you repurchase them. For that, you’re going to need additional insurance.
10. Artwork
It’s impossible to put a dollar value on the drawings from your youth or a handmade portrait drawn by a child. But the $400 piece purchased from an art gallery in NYC certainly has a price tag. It may also be higher than standard home insurance coverage allows. From oil landscapes to modern sculpture, if you are a connoisseur of art protect your investment with extra insurance.
Outside the Home:
A homeowners policy extends outside the home to cover the contents of detached structures like garages and sheds. If you think all your valuables are safely in the house, consider some of these high value items you may have outdoors.
11. Tools
A couple of wrenches and screwdrivers are unlikely to be stolen and their destruction is little to lose sleep over. But bigger tools like bandsaws or a core drill might be a more substantial loss. A $300 drill may not be worth filing a claim with a deductible but it’s also not cheap to replace. Additional property insurance can help.
12. Expensive Landscaping
Believe it or not your homeowners policy will cover trees and shrubs that get damaged by forces like fire, lightning, or acts of vandalism. But there is typically a limit on their replacement value. If your landscaping is a lovingly cultivated, expensive point of pride, then look into the extra coverage to get it growing again, as painlessly as possible.
13. Recreational Vehicles
Your ATV, snowmobile, boat or RV may be your weekend outlets but they are also a serious investment of time and money. As much fun as it is to take your favorite ride out for a spin, they are highly susceptible to theft, break downs and accidents. These vehicles are not covered under standard home or auto policies and require separate insurance. While some states have minimum requirements for liability coverage, you may want to consider more than what is legally required. While liability covers harm to others in case of an incident, it won’t help you replace your vehicle. That’s why additional property coverage is a smart safety measure.
If you’re not sure if your belongings are really worth the extra coverage, the first step should always be to talk to your agent. No one wants to think about the worst case scenario. But it can bring you peace of mind to know that no matter what happens, you’ll have the means to rebuild.