Anchor Marine - Private Risk Services


Insuring Valuables

Questions and Answers

1. What items do people usually put or “schedule” under Valuables coverage?

Jewelry is the most common item but may also include artwork, silverware, china & crystal, antiques, rare coins & stamps, wine collections, musical instruments, fur coats, and golf clubs.

2. How much do my valuables need to be worth before it makes sense to “schedule” on your policy?

If the item exceeds the limits in your Homeowner’s policy, you should strongly consider valuables coverage. Insurance policies differ in their “sub-limits” and you should always read your policy. When you schedule an item, it covers losses due to mysterious disappearance and other risks that may be excluded under your regular policy. Your regular deductible is also not applied.

3. If I lose a precious piece of jewelry, will a Homeowner’s policy cover the loss? Will a Valuables policy?

A Valuables policy automatically covers loss due to mysterious disappearance and many Homeowner’s policies will not.

4. If my antique table is damaged by a flood or earthquake, will my Home policy cover the loss? Will a Valuables policy?

A Valuables policy can cover loss due to flood or earthquake but a Homeowner’s policy generally does not. Anchor Marine does have policies available that automatically provide coverage on contents for earthquake at no additional cost and at your regular deductible.

5. What is the advantage of establishing the value of your precious items in a Valuables policy?

Establishing the value in advance is a way of ensuring that your records will be in order in case you need to submit a claim for a precious item. If you wait until after a loss, you might not be able to find the receipt for the item, or you may no longer be able to obtain an appraisal due to the condition of the item. This minimizes the chance of disappointment with the reimbursement amount. Some of our companies, provide for appreciation of an item. This is especially important at times of sky-rocketing precious metal prices.

6. How do I establish the value of my precious items?

The best way to establish the value of individually scheduled items is to have them appraised. For lower value items, however, a sales receipt including a description of the item can often suffice. For groups under blanket coverage, you can set the coverage amount in your policy. In the event of loss to an item under blanket coverage, you will be asked for reasonable documentation to help establish its value.

7. How much does Valuables coverage cost?

A Valuables policy will cost less than $1 per $100 of coverage. Artwork and items in a bank vault are much less.

Important Notice: This overview is only a general description of the insurance coverages provided by some of the policies we offer. Coverage terms are subject to change, can vary by state, and are subject to exclusions and additional benefits. Please review specific concerns with your agent and refer to your policy.