Insuring Your Valuables
Protecting Your Most Prized Possessions
Nothing says "I love you" like a diamond necklace or a designer watch - but in the event of a loss, nothing causes more heartache than learning that you're underinsured. TrueNorth strives to educate our clients on best practices to avoid these terrible outcomes, but also offers additional coverage to help protect and ensure the value of your most prized possessions in the event of loss or theft:
Coverage Options
Top Ways to Save on Your Homeowners Insurance Premium
- Consider raising your deductible
- Invest in a home security system
- Update exterior locks to dead bolts
- Install smoke alarms
- Monitor your credit rating
- Ask about TrueNorth's multi-policy discounts
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 reciept 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.
Why do I need to insure my valuables?
It's true that standard homeowners, condominium or renters insurance policies include a limited amount of coverage for jewelry and other valuable items. However, many policies limit the dollar amount of coverage for the theft, or loss, due to a covered peril of such items. To properly insure the value of Aunt Martha's portrait or that heirloom stamp collection, consider purchasing additional coverage through a policy endorsement or floater. Our coverage options are both affordable and easy to arrange.
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 ahve an existing endorsement or floater, it is important to periodically review your policy's coverage to minimize the likelihood of underinsurance arising from outdated appraisals and inadequate limits of insurance.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. TrueNorth's personal lines team of professionals would be happy to provide you with more information about coverage and an estimate for the cost of scheduling an item.
Before a theif steals your antique coin collection or your diamond ring accidently gets washed down the drain, call TrueNorth at (319) 366-2723 to learn more about the affordable ways we can help you protect the things you value most.