It’s summer, and the city is back open! This means real New Yorkers are getting out of the city for long weekends upstate or down at the shore.
Whether you’re heading to your lake house or using some built-up vacation days, leaving your home for an extended time can leave a worry in the back of your mind.
Did we leave the oven on?
Was the hair straightener left plugged in?
Were the watches and jewelry put in the safe?
Maybe you decided to bring your nice jewelry on vacation with you. Would it be covered if they were lost, stolen, or damaged?
The answer is yes, they could be covered anywhere in the world.
We met with one of our account executives in charge of Personal Lines at HCP to get some more details!
What does ‘valuables’ mean when they say Valuable Articles Coverage?
Personal property that falls in this category are items such as jewelry, fine art, furs, heirloom silver, watches, musical instruments, and collections such as coins or stamps. Or, for one client, a rare Pokémon card worth $500,000, says Jackie Alves, Account Executive at Honig Conte Porrino.
Your property policy – whether homeowner’s, condo, or co-op – covers the contents of your home against losses, including valuables in the home. But there are limits for certain categories.
What are the limits on valuables for typical homeowners insurance?
Jewelry has the lowest cap, typically $1,000, because it’s the most at risk. Fine arts typically has a $5,000 cap and no one item can be valued over $1,000.
What if your valuables exceed your homeowner’s insurance policy limits?
If your valuables exceed those caps, you can cover them by adding a rider to your property policy or by purchasing a Personal Articles Policy. Personal Articles Policies cover your listed valuables if they are lost, stolen, or damaged anywhere in the world. You can also purchase a Personal Articles Policy with no caps.
All you need to do is bring your broker either a receipt or an appraisal. They will investigate the best way to cover you. The cost differs by carrier, and Jackie routinely quotes them both ways to see which is the least expensive. You should have a recent appraisal, at least within the past three years.
For example, a recently engaged client brought Jackie the receipt for a $27,000 engagement ring. Jackie found her the right Personal Articles Policy to cover it.
A few weeks later, after returning from walking the dog, she saw the diamond was missing. In a panic, she retraced her steps but could not find it. The good news: her policy paid for a replacement.
Since the price of valuables – such as gold and artwork – can fluctuate quite a bit, it’s worth reviewing and re-appraising your valuables every so often. A good broker will remind you at renewal.
What if you don’t have a receipt or appraisal for my jewelry?
Some carriers offer blanket jewelry coverage that can be added to a homeowner’s policy. Blanket policies insure all your jewelry for a maximum amount. That’s typically $24,000 with a maximum of $5,000 per item.
When should I consider a Personal Articles Policy?
A good threshold is if you have any item – jewelry, artwork, coin collection – valued at more than $5,000. It’s worth the peace of mind knowing you’re covered no matter the situation.
Like the romantic man who planned to propose to his girlfriend while on a catamaran trip in Hawaii. The Personal Articles Policy he purchased let him worry about whether she’d say yes instead of whether the ring would fall overboard.
One last thing to remember as we begin to travel more post-pandemic, the personal property doesn’t have to be in your home to be protected. Your coverage travels with you — whether on Fifth Avenue or the Champs-Élysées.
