Homeowner Insurance Insights
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December 3, 2023

Will homeowners insurance cover my high value items if they’re damaged or stolen?

Your engagement ring. A painting by a renowned artist. The hand carved dining room table that’s been in the family for generations. These are examples of items that insurance companies consider valuable. Of course, to you, they’re priceless. And they need to be properly protected.

If you think your homeowners insurance policy covers all the valuables you keep under your roof, you may be right, but only to an extent. Most home insurance policies limit coverage if valuables are stolen, damaged, or destroyed, and those limits tend to be low.

So, what can you do? We recommend exploring your options to protect possessions like jewelry, antiques, and artwork fully.

Not sure you need additional coverage for all that you hold near and dear? Here’s our list of items that deserve a closer look.

Jewelry - Most homeowners insurance policies will cover around $1,500 worth of jewelry. Considering the average engagement ring costs about $5,000, you'll likely need extra insurance to cover your engagement or wedding rings fully. We recommend that any jewelry valued at more than $1,000 be insured.

Have your jewelry appraised, then check your homeowners insurance to determine whether you have enough coverage should it be lost, stolen, or damaged. If you need more, invest in a personal articles policy covering precious items, including expensive jewelry, or a jewelry insurance policy.

Artwork - If you have valuable artwork, antiques, or collectibles – a coin collection or vintage first edition books, for example - be aware that your homeowner's insurance policy probably won't cover these items for their total value. Instead, you might need to add a rider – or endorsement – to your homeowners policy to protect these valuables fully.

Silverware - Make sure your silverware is covered, as it’s one of the top items burglars try to steal when robbing a home. Like jewelry, antiques, and all other items of value, you’ll need to have the silverware appraised. If it’s worth more than $2,500 (the standard coverage for silverware), take out extra coverage.

Cameras and electronics - Most homeowners insurance policies will cover electronics, including smartphones, laptops, and tablets, if they are damaged, destroyed (in a fire or flood) or stolen. The same goes for cameras. However, the coverage is usually only up to about $1,500. For additional coverage, you could add an electronics or camera insurance policy.

Firearms - If your guns are stolen, homeowners insurance often will cover the theft up to $5,000. If you have multiple firearms, consider gun insurance (And no, owning a gun won’t increase your homeowners insurance premiums), but that might not be enough.

Adding the coverage you need to your homeowners insurance policy or taking out an additional policy is easy and inexpensive. Knowing that your valuables are protected in full can give you peace of mind.

Have precious possessions you need to insure? The team at Roehr Insurance Services agency can help.

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