Insuring individual high value items

We all insure our homes, vehicles and businesses. But we usually don’t think about insuring individual items.

And yet, insurance also extends to high value items such as jewelry, antiques, art, collectibles, firearms, heirlooms and so on. You can also ensure expensive electronics such as laptops, high end cameras and sporting gear.

All these may be covered under your homeowner’s policy, but only up to a certain limit and there is no coverage for the difference.

For many people, the impact if these items were lost or stolen is much more than just monetary losses. Heirlooms, for instance, have considerable emotional value for their owners; artwork has aesthetic and intellectual value.

Therefore there is no reason to leave your important possessions without protection. Let’s look at some common situations when you would want to insure an individual item.


Coverage for jewelry is one of the most common high value standalone item policies. When might you want to insure jewelry? Suppose you purchased an engagement ring for your fiance: presumably, your worst nightmare is if you lose the ring or someone steals it.

However, you can reduce that stress by adding a jewelry endorsement to your homeowner’s policy. Make sure to retain your receipt and get a professional appraisal of the item.

Speaking of appraisals, whenever any jewelry comes into your possession (maybe a relative left you an inheritance), don’t neglect to appraise its value. You may be unsure whether the jewelry is genuine or not; often people assume it’s not, but you want to know for sure before discarding something potentially valuable.

A qualified appraiser will determine whether the piece you hold is genuine as well as the value. Because appraisals are usually very affordable, you can quickly and easily determine what you’re dealing with.

Keep your policies updated

As with any other insurance policy, you must ensure all the details and information are up to date. Report any changes pertaining to the item to your broker and they will adjust your policy so that you don’t lose any coverage.

Other details to include when insuring individual items include how and where the item will be stored, whether there are safety concerns (for firearms, knives, swords, etc), who has access to the item and whether it will be worn or taken out in public (jewelry).

Your broker can review your policies for you and determine whether you have the right coverage. Call us today to protect your valuables.