Valuable Articles Claims Scenario

October 30, 2018

Valuable Articles Coverage protects valuables that are generally left out in most homeowners insurance policies. Your homeowners policy usually has a cap of $1,000 to $5,000 for valuable items, and you may find that inadequate to cover your jewelry, fine art, antiques or collectibles.

Valuable Articles Coverage generally covers loss, theft, damage, breakage of fragile items, and newly acquired items. It also covers risks excluded from homeowners policies like “mysterious disappearance” or simple loss. Below are some real life examples of claims filed under valuable articles coverage.

Examples of Valuable Articles Coverage Claims

  • A wine enthusiast had a wine cellar in his basement. Unfortunately, his back-up generator failed and his wine cellar lost power. Several expensive bottles were spoiled. With valuable articles coverage, he was able to have the loss covered and get in touch with a wine advisor to rebuild his collection.
  • A family was on vacation for a week, and returned to find their home broken into. A lot of expensive items were stolen including diamond rings, gold earrings, money, computers and tablets. Since they had valuable articles coverage, the family was reimbursed for these high value items.
  • A client lost a diamond bracelet that was custom-made for her 25th wedding anniversary. After submitting the claim, she received a check for the full replacement value. She was able to get the bracelet recreated.
  • A client borrowed jewelry for an overseas trip. She lost a diamond because it fell out of the setting. Since her policy included coverage for jewelry on loan or consignment, her loss was covered. However, keep in mind that some carriers do not cover claims for jewelry that is borrowed rather than personally owned.
  • A client dropped and damaged his expensive watch. With valuable claims coverage, he was covered for full repairs with no deductible. After a jeweler identified the issue and what needed to be done to fix the watch, he immediately received a check for the full cost of the repair.

At Jessica Liu Insurance Services, we want to help protect the things that matter to you. Let us help you protect your valuables. Just give us a call today at 415-386-2283 to learn more about how valuable articles coverage can help adequately cover your precious items.