Can Homeowners Insurance Be Customized to Cover Luxury Possessions?

If you keep valuable items in your home, you might wonder whether they will be covered under your Florida homeowners insurance policy. The answer is that it depends on your situation and the value of your assets. Read on to find out how you can customize your policy and protect your luxury possessions.

Can Florida Homeowners Insurance Be Customized to Cover Luxury Possessions? 

Most home insurance policies cover some valuable items, but there might be coverage limitations. Before you take out insurance, make a list of all the valuables you own. These might include jewelry, furs, art, watches, electronics, coin collections, musical instruments, and fine china or silverware.

Estimate their value, and add up the total. Then, check your quote to see whether your coverage is sufficient. If not, you either need to get your most valuable items insured separately, or you need to speak to your insurance company and ask them to adjust the limits.

How to Make Sure You’re Covered

You can’t choose the best insurance policy for your needs if you don’t know how much your items are worth. That’s why you must get valuable items appraised before taking out insurance. Once you know what your possessions are worth, you can get a scheduled personal property endorsement. This is an add-on policy that increases your personal property coverage limit. You’ll have to pay a higher premium, but your items will be optimally protected.

Should I Get Actual Cash Value or Replacement Cost Insurance? 

Actual cash value insurance is cheaper because you only receive the amount your items are currently worth. Replacement cost insurance is more expensive, but it covers the replacement cost of your valuables. The best way to find out which policy you should choose is to speak to an insurance agent.

In Florida, luxury possessions are sometimes covered by home insurance policies. However, people who have several highly valuable items might need to get a scheduled personal property endorsement. Call us at DTRT Insurance to speak to a professional about home insurance. We’ll help you to find the best policy for your needs.