The general rule of thumb for this question is, yes, if you have valuable items, you should get valuable items coverage. That is true no matter what the situation is with your home.
The more complex answer has to do with what coverage you already have with your condo insurance. If you only have liability insurance, then you want to consider getting additional content insurance as well.
At Wise Insurance Agency, we want all Ft. Wayne, IN residents to have the coverage they need for all of the valuables and contents that they own.
Learn more about valuable articles coverage here.
What Your Condo Insurance Covers
Your existing condo insurance will cover basic liabilities, improvements and betterments to your unit, and some all-risk coverage for the belongings in your unit.
For the contents and belongings, if something happens like a pipe burst, you will be able to make a claim for your property and cover the cost of the damage.
The liability component of your insurance policy will cover any problems that happen in your unit alone if you are found to be liable. If your dog bites someone or there is an accident for which you are held liable, this coverage will pay for medical costs.
If you have valuable items such as art, jewelry, antiques, collectibles, even an old camera collection, or something like that, you will need additional coverage known as valuable items coverage.
What Valuable Items Coverage Covers
When you have valuable items and want to have them covered, you need to have an itemized list and their value. The best way to do this appropriately for your insurance company is to have the lot or the set of items appraised.
You may even already have this. Both your premium and your coverage will be based on the value listed in the appraisal.
Take care of your items, and let your insurance company or broker know how you are doing that. They will want to know how it is being stored, and what you are doing to preserve the value. You can keep something in a safe deposit box at a bank and still have it covered under this policy.
Get a Quote
You won’t know whether or not you need valuable items insurance until you talk to an insurance broker. At Wise Insurance Agency, we can help Ft. Wayne, IN condo owners get the best valuable articles coverage for their Indiana condo insurance. Call us for a quote today.