Imagine that a burglar breaks in and steals all your jewelry, hidden cash, and firearms and leaves without a trace. Your privacy has been invaded and all your treasured valuables are gone. This story is all too common and when/if this has ever happened to you, it’s difficult enough to face that not only has everything been stolen, but also that your Alabama homeowners insurance policy may be subject to policy provisions and/or limitations on personal belongings due to theft or loss. Without an endorsement specifically addressing your valuables, you may only receive a specified limitation on the amount of coverage afforded. If someone breaks into your home and steals all of your prized possessions, will your valuables be adequately protected?
Your Alabama homeowners insurance policy does include coverage for jewelry and other personal belongings such as firearms, furs, and art collections due to losses such as theft or fire; however, what you may not recognize is that there are specific limitations imposed which means the insurance company will only pay a “specified” amount for any given piece of jewelry or other valuables.
Solutions to the Limitations
If you have an inventory of valuables in your possession that are difficult to replace, it is recommended you notify your local Alabama independent insurance agent to take action and find a solution that best protects your valuables. Below are some ways you can protect your prized possessions at an affordable rate.
- You can purchase a floater policy that covers losses of any type to your specifically outlined valuables. Having up-to-date appraisals to document the current value of each specified collectible will ensure if something happens, you will be covered for that particular established value.
- Always record all of your valuables with photos and receipts to further establish and represent the value of these personal articles.
- Another option would be to increase the specific limitation amount on categories, such as jewelry and firearms, but you may wish to discuss this with your local Alabama independent insurance agent to see which option is best for your particular needs.
You may think worse case scenarios will never happen, but if they do, you need to be prepared. Losses can and do happen every day and we at Burkett & Associates Insurance Agency are here to assist you in every possible way. If you have valuable collections, take a detailed inventory and call us at 256-704-7400 so we can ensure that you have the adequate coverage to protect your prized possessions. Can you afford to lose what is so deeply treasured?