5 Household Items You Should Probably Consider Insuring

 Insurance is something you typically consider worthless…until you actually need it. Then, it seems like a pretty amazing concept. And while you may have a good home insurance policy, certain personal possessions aren’t covered under it. You might want to consider getting additional coverage to provide some peace of mind.

5 Items You Should Think About Insuring 

Almost everyone has homeowner’s insurance. In fact, if you have a mortgage, the lender is going to make you get a policy in order to qualify for the loan. The purpose of this type of insurance is to protect your home from expenses that occur as the result of property damage. It can also cover the loss of certain possessions due to burglary.

Unfortunately, most “big ticket” items aren’t covered by the average policy. And if your home/possessions are damaged as a result of an uninsured natural disaster – such as a flood or earthquake – you’re probably out of luck.

The good news is that you can insure almost anything you want with additional insurance. Depending on the monetary value and what sort of possessions you own, here are some physical items you might think about insuring. 

  1. Diamond Jewelry 

Jewelry is one of the first things that comes to mind – particularly diamond jewelry that has considerable worth. While your homeowner’s policy may cover some jewelry already, it’s probably well below the value of your most expensive items.

When deciding whether to insure jewelry, think about the factors that affect value. For a diamond ring, carat size is clearly important.  The larger the diamond, the more it’ll hurt to lose. Try not to let sentimental value creep into the picture, though. An insurance policy will allow you to buy a replacement – not find the exact ring again. 

  1. Expensive Artwork 

If you own artwork that has any monetary value, it’s smart to get an insurance policy. Art is typically displayed out in the open, which means it faces a greater risk of theft or damage than items that are stored away in a safe or closet.

If the artwork stays in your home at all times, a supplemental policy to your homeowner’s insurance should do the trick. If it’s ever displayed publicly – such as in an art gala – a public liability policy will be needed. 

  1. Tools 

For people who work in industries that require specialty tools – such as mechanics, landscapers, and carpenters – your homeowner’s insurance policy probably won’t cover theft. Whether it’s in your garage, the home itself, a shed on your property, or the bed of your truck, you probably want an insurance policy to prevent you from having to personally replace everything in case of theft or a natural disaster. 

  1. Precious Metals 

Investing in precious metals, like gold and silver, is a nice way to diversify your portfolio and protect against inflation and other economic factors. If you keep a lot of gold or silver in your home, bullion insurance may be a good option to pursue. 

  1. Pets 

Would you believe that you can insure pets? Seriously! In most states, the law sees animals as possessions. Not only can you get liability insurance on them, but you can also get health insurance for dogs and cats. 

Self-Insurance: Always an Option 

By no means do you have to get insurance for these items. You can always choose to accept the risk or self-insure. With self-insurance, you simply say, “In the event this item goes missing or gets damaged, I have the financial means to purchase a replacement or repair it.” While you probably wouldn’t want to self-insure your home, healthcare, or car insurance, you can do it with certain things listed in this article. It’s all about the level of risk you’re comfortable with.

 

Author: Oliver Curtis

Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.

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