Insuring Luxury, One-of-A-Kind, and Vintage Items
Your valuables are aptly named because they are very valuable to you. Whether your precious manifests itself in the form of a classic car, special vintage clothing, one of a kind pieces of art, or anything else, you might not be able to sleep at night or feel comfortable out of the house knowing that they are unprotected. In order to keep your valuable personal items safe, it may be a good idea to take out an insurance policy for them so that you can recoup your losses in the event of an unexpected calamity. But how should you go about insuring your personal items?
The process of finding the best insurance is not easy. For example, if your rent rather than own your current living space, your apartment or house itself is covered under your landlord’s insurance, but not your belongings. In this case, you would need renter’s insurance to get coverage for personal items, and this can be quite expensive. Home owners, on the other hand, can opt for home owner’s insurance to cover both their houses and the belongings contained within. A good home owner’s insurance policy is enough insurance for some, but may not be enough for you.
Many home owner’s insurance policies are limited as to what they can and cannot replace in the event of a burglary, natural disaster, or other event that causes damage or loss of your personal items. Antiques, collector’s items, and fine art are usually not covered, but every policy is different. If you do have items like this in your home that need to be insured, either talk to your home owner’s insurance provider about extending your coverage, or seek additional property insurance elsewhere. There may be enough flexibility in your home owner’s insurance to add your valuables, which would save a lot of trouble.
Those whose valuables are of the four-wheeled variety should look into specific car insurance policies for their own protection. Car collections are typically very expensive which makes it difficult to find inexpensive auto insurance for them, but the cost of protecting a classic automobile from damage or theft should be well worth the expense. For other vehicles and a variety items, inland marine insurance is a common option. Originally designed to cover boats not currently in use by their owners, inland marine insurance can now often be extended to cover anything from bicycles to jewelry. This is an option worth looking into for your personal property insurance.
When renter’s or home owner’s insurance isn’t enough to give you peace of mind regarding your most valuable personal property, you should spare no expense in finding the best coverage to insure your items. Whether your weakness is on the luxurious side, or the antique and vintage realm, insurance policies exist to protect whatever you own. Look into inland marine insurance as a valid option for all of your non-automobile items–you’ll be surprised what falls under such coverage.