There’s many types of household items that you can insure. How many assets do you own that are high-value items either in terms of monetary or sentimental value? Keep in mind, homeowner’s insurance doesn’t cover everything you own. And, the items it does cover are only partially insured if they’re high-priced items. Here are a few items you should consider insuring beyond your normal policy.
This can include couches, chairs, tables, beds, and other items that people use to furnish a home.
Electronics that you can insure include televisions, computers, laptops, tablets, smartphones, and other related devices. Remember, if your electronics are for business use, then your employer likely has a policy covering the equipment. However, if you’re self-employed, you need a policy that covers your business assets.
Appliances can include refrigerators, stoves, ovens, washing machines, dryers, and other large household appliances. Typically, homeowners insurance policies cover appliances lost or damaged due to a covered incident, such as a fire or lightning strike. However, they don’t cover the cost to repair or replace an appliance as a result of normal wear and tear.
Art and collectibles:
Art can include paintings, sculptures, antiques, and other valuable items that you may have in your home. If the artwork stays on your wall, insure it with a supplemental policy if your homeowner’s or renter’s insurance doesn’t cover it completely. Or, if the art is ever on public display, it’s recommended to purchase a public liability policy to protect the piece from damage.
This includes rings, necklaces, bracelets, and other related jewelry items. Keep in mind, your homeowner’s or renter’s insurance policy may already cover your jewelry. But, most insurance policies have a limit below the value of more expensive pieces. It’s highly recommended to have the jewelry appraised and then add it to your policy or purchase a separate policy or rider.
There’s many other types of household items that you can insure as well. It’s a good idea to review your insurance policy to see what’s covered and what is not. Also, if you have any items that aren’t covered, you may want to consider adding an endorsement or a rider to your policy to provide additional coverage. Reach out to Dexter & Co. today to learn more about insuring your household items. Take a look at our published blog post to learn more about how to create a home inventory checklist. And, download our checklist to keep with you!