Checklist for insuring your valuables

Use our checklist to determine how much homeowner's insurance coverage you need to protect your valuables.

Homeowner’s insurance typically covers the market value or the replacement value of your house and its contents. It can be difficult to put a dollar figure on household furnishings, and it’s tempting to estimate low to avoid big premiums. However, if unique or expensive possessions are stolen, broken or damaged, you will be glad to get financial compensation from your insurance company.

You should review the amount of homeowner’s coverage you have every year to determine whether it is too much or too little for your current needs. Events that might create a need for additional coverage include marriage, renovation and redecoration or an inheritance – any of which can mean acquisition of new and costly possessions.

Here’s a checklist of items that often have significant worth. Use it to make sure you’re taking into account all of your valuables and irreplaceable possessions when you are estimating how much coverage you require:

• jewelry made with precious metals and gemstones
• silverware, including solid cutlery, teapots, trays and vases
• family heirlooms, including jewelry, toys, furniture, paintings and books
• antique and hand-crafted furniture
• hand-loomed rugs, carpets and tapestries, particularly those that are imported and/or antique
• expensive or rare musical instruments
• original paintings and other objets d’art such as bronzes
• signed prints by well-known artists
• antique china, crystal, cutlery, lamps, mirrors and other decorative items
• custom-made and/or designer furniture and accessories
• top-of-the-line/designer appliances
• couture clothing, shoes, watches and accessories
• furs
• a cellar-full of vintage wines
• collectibles, such as rare stamps, books, glassware and china

If you don’t know what antiques and family heirlooms are worth, you may wish to get them appraised. To get coverage for rare and extremely valuable possessions, you may need to add a rider to your homeowner’s policy. Consult your insurance agent, broker or your insurance company’s help line to find out.