Page 16 - AAA Every Day – AAA Hudson Valley – November/December 2021

INSURANCE NEWS
Protecting Your Valuables
The holidays are coming. During this season of giving, we think of how we can surprise our loved ones with gifts that are, in some cases, highly valuable. Insuring these big-ticket items is probably the last thing on your mind (if at all) as you peruse a jewelry store, add electronics into your Amazon cart or find rare collectibles that are guaranteed to bring someone joy.
However, what if that gorgeous pair of diamond stud earrings, major appliance, piece of fine art or antique tea set were to be stolen or destroyed by fire or vandalism? Would your homeowners or renters insurance policy cover it?
Insurance carriers will cover special personal property up to a certain amount, but usually only for theft. Fortunately, there are additional options open to you
for coverage on more precious items: art, antiques, electronics, medical devices (prosthetics/hearing
aids/ mobility scooters), musical instruments, sports memorabilia or equipment, jewelry, precious stones, wine, etc.
Depending on the value of the item, you may be required to get a recent appraisal or receipt. One of the easiest options is to add “Blanket Coverage” or “Grouped Coverage” to your policy. This means you don’t need to
Shutterstock: Merla
itemize each item and you can add or remove items and select special limits. Some carriers offer blanket coverage up to $10,000 subject to a deductible; typically $500.
Food for thought: Travelers brand insurance offers
a separate and more comprehensive policy called
a “Personal Articles Floater” for people who have specific items with values exceeding the limits of the homeowner’s policy endorsement. The Personal Articles policy is considered “all risk” which means the item would be covered against all perils, except that which
is specifically excluded. For example, an engagement ring worth more than $10,000, would be covered in the amount agreed by you and Travelers, if an appraisal was included. There is no maximum amount, and the policy can be expanded to cover other items such as golf equipment, coin and postage stamp collections and more. There is no deductible unless specified and the policy is very affordable.
Holiday time or not, the next time you purchase jewelry, fine arts, collectibles or more whether for yourself or
as a gift, consider adding the proper coverage to your insurance. Contact a AAA Hudson Insurance Agent and ask us how we can help you protect your valuables. Call 518-649-1717 or visit AAA.com/Insurance.
Eman Badr is a Certified Professional Insurance Agent and Manager of AAA Hudson Valley Insurance Agency.
16 I NOVEMBER/DECEMBER 2021