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Valuable Items and Collectibles

Call us today at 201.438.7500 for a quick free quote or more information.

Do I need Valuable Items and Collectibles Insurance?

You may choose to insure your valuables if they are not covered in your homeowner's policy. Most homeowner policy coverage amounts are limited for certain items such as jewelry, coins, stamps, furs and collectibles. If you have high-value insurables in your home, you need a well-thought-out risk management strategy.

Specialized policies, or "floaters," are available to cover valuable items at an agreed-upon dollar amount as scheduled on the policy. Insurers may be willing to cover your valuables on a blanket basis at an agreed-upon value per type. For example, if you have many items of jewelry, you might agree on $100,000 as the coverage amount.

If you have fine china or antiques, check to see if coverage includes accidental breakage. Such breakage would not be included under most homeowner's policies.

Floaters typically lack deductibles, so coverage usually begins with the first dollar of loss. In addition, these floater policies are usually written on an "all-risk" basis. This means that losses are covered for all perils, unless a peril is specifically excluded.

Another nice feature of floaters is "mysterious disappearance" coverage. While many policies, particularly inland marine policies, exclude mysterious disappearances of items, floaters often cover them. (Mysterious disappearance, as you might guess, involves a loss where the cause is unknown.)

Your approach to risk management is a key element in the process of insuring your valuables. Most insurers will consider your willingness to minimize the chance of loss when pricing your coverage. For example, if you hang a Renoir painting in your living room, and you install an alarm system to protect it, you may receive a discount for being proactive.

Some insurers will even help facilitate your risk management strategy by assisting you in the inventory process. They may also help coordinate third-party appraisals-an essential element of the risk-management and insurance processes.

All too often, people undervalue their own property, therefore obtaining too little coverage. A qualified appraiser can help you assess the value of your property and provide necessary documentation of its value in the event of a loss.

Follow these guidelines to ensure you have adequate coverage:

  1. Take inventory of your valuables, including jewelry, art, and other items, like an autographed baseball.
  2. Obtain an appraisal of the more important items. Be prepared to go to a specialist to determine the value of special items. You wouldn't go to the same appraiser for the autographed baseball as you would for your jewelry.
  3. Talk to us about floaters that might be available, discuss coverage and set limits. Compare the coverage to your basic homeowner's policy in order to fully assess the value of the additional coverage.
  4. Find out what additional services that may be offered. If they are able to assist you in the conservation and preservation of your valuable property, and if they bundle these services together in a cost-effective manner, it may become a 'no lose' situation for both you and them. You will receive excellent benefits and service; they will acquire a loyal and prudent client who may be with them for many years to come.

 

Please Note: The information contained in this website is provided solely as a source of general information and resource. It is a not a statement of contract and coverage may not apply in all areas or circumstances. For a complete description of coverages, always read the insurance policy, including all endorsements.

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Phone: 201.438.7500 Fax: 201.438.8781 | An MJMI Site.

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Professional Insurance Associates in Carlstadt, NJ -- Professional Insurance Associates is a leading insurance brokerage firm in New Jersey, based in Carlstadt NJ, near Newark NJ and New York City, serving NJ, NY, CT, PA and the entire USA. We at PIA help clients manage their risks in property and casualty, employee benefits, professional liability, and other areas of specialized exposure. In addition, PIA offers a full range of personal and corporate financial products and services. We understand our clients’ businesses, employees and risks, as well as the insurance and financial markets, so we can find them the carriers and coverages that best fit their needs.

Professional Insurance Associates, Carlstadt, NJ, New Jersey, insurance, bonds, accident insurance, health insurance, automobile insurance, contract bonds, excess liability insurance, estate planning, general liability, group medical insurance, group dental insurance, life insurance, risk management

NJ Insurance Leaders: Professionalism You Can Count On
At PIA, this is more than our slogan. It represents our working philosophy...the cornerstone of our success for over 40 years. For you and your organization, it represents a promise of value-added service through a solid protection plan and personal service that makes your insurance program work. You'll have the security of knowing that a team of insurance and bond specialists is working on your team and that we share a common goal: your ongoing success.

We welcome this opportunity to introduce you to the many features PIA has to offer. No matter what your insurance and bonding needs may be, in NJ, New York or PA, count on us to support your business efforts.

Victor M. Gardella
Chairman

PIA, Professional Insurance Associates, wants to ensure your business gets the most comprehensive and cost-efficient program available. To do this, we offer value-added service which includes an in-depth, close-up analysis of your total operation.

Our service begins when one of our professionals meets with you to discuss your present staff, equipment and facilities. Then we focus on your current insurance program, checking to see whether you have unnecessary or overlapping coverages and gaps where you may need additional protection. When you allow PIA to perform a close-up analysis of your business, you receive the added value that guarantees that your business will have a strong protection plan, at the least expensive cost.

If your business requires it, we'll conduct a risk evaluation and loss control analysis. Using our staff's expertise, the PIA team will give your business a thorough "going over."

We'll identify risks, analyze claims and we'll determine the most effective methods to manage the risk situations inherent to your business. And we'll recommend what you can do to control losses. By reducing or eliminating risks today, you can help avoid larger premium payments tomorrow.

Surrounding Areas:

PIA NJ Professional Insurance Associates serves all of New Jersey, New York, Pennsylvania and beyond. Our nearby communities include: Wayne NJ, Ridgefield, Clifton, Passaic, Garfield, East Rutherford, Secaucus, The Meadowlands, Teterboro Airport, Wallington, Woodridge, Lyndhurst, Paterson, Montclair, Nutley, Bloomfield, Belleville, Glen Ridge, Lodi, Hasbrouck Heights, West Orange, Livingston, Newark, Rutherford, Teaneck, Saddlebrook and Paramus.

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