Valuable Items Insurance

When would a Valuable Items policy be needed? The protection provided for personal property under the typical homeowners policy is very broad, and includes coverage for your furniture, clothing, and appliances. In addition, it provides limited coverage for such items as jewelry, silverware, furs, and firearms. However, it may not cover some types of loss that may be important to you, such as the stone falling out of your diamond ring, your antique statue that is accidentally broken, or a flooded basement that damages your personal computer. In fact, most homeowners policies set dollar limits on the amount of protection offered to cover the theft of items such as jewelry or furs ( usually only up to $1,000), firearms (up to $2,000), or silverware (up to $2,500). Optional add-on coverage to the homeowners policy (like our Valuable Items Plus endorsement) is available to enhance coverage by providing higher limits (up to as high as $50,000 in some cases, but limited to $10,000 per item) and expanded protection for special property. This usually provides most homeowners with enough coverage.

Are your assets adequately protected? To run a successful business in today's society, you need more than energy, vision & talent. You also need protection. At a time when $1 million settlements are common, your business could be the target of a lawsuit at almost any time. Losses from claims may exceed the limits of your insurance or fall outside the scope of your existing coverage. And many claims are not reported for years, making today's losses much more costly when they have to be paid in tomorrow's dollars.

To protect against such eventualities, many businesses purchase Umbrella Liability to provide extra protection against catastrophic losses that exceed the limits of liability insurance provided by their underlying policies.

When selecting liability limits, work closely with your independent agent to ensure that your liability coverage is adequate and takes into account inflation, the effects of delayed claims and the potential impact of large lawsuits and settlements. With limits of $10 or more available, the extra protection afforded by Protection Plan Umbrella Liability could be a lifesaver for your business.