Insuring your valuables

What you need to know about insuring your valuables

We know insurance can be confusing, perhaps overwhelming, (and even a little bit *gasp* boring), but it’s also an important topic that can help you avoid the headaches that come with the loss, damage and theft of your valuables.

If you’re wondering if you’re covered in such instances by the insurance you already have – or if you’re wondering if you need insurance on certain items to begin with – we’ve got answers to some common questions to help you out.

Do I really need to insure my valuables?

This is up to you. How much do you love your stuff? If all you have are inexpensive jewelry items and an aging point-and-shoot camera that’s collecting dust on a shelf, then you may not be losing sleep at night over what could happen without insurance coverage for valuable items.

However, if you have a hobby like photography or skiing that comes with an expensive investment in equipment and a lot of opportunity for loss, theft or damage as you go about your daily life, insurance could save you money on replacement and repair fees – not to mention a lot of stress.

When it comes to your cell phone and cell phone insurance, there are many reasons to consider it. While your cell phone may come with a warranty, that may not protect it from theft or loss, and it also may not be protected from the costs associated with a shattered screen when you accidentally drop it on the sidewalk.

What does my homeowners or renters’ insurance cover?

Homeowners insurance can help cover the costs to repair or replace your home and belongings in the event they are damaged by covered losses such as fire, theft and severe weather. Homeowners insurance is an important way to help ensure that you will be able to rebuild your home and replace the items in it should misfortune strike. Homeowners insurance can help protect you against the costs of property damage or destruction, and can also provide help to cover the costs of liability exposures if, for example, someone is injured on your property.

To learn more about homeowners’ insurance options, visit https://www.travelers.com/home-insurance/coverage.

If you’re a renter, your landlord’s insurance policy most likely covers the building and common areas, but it typically will not cover your belongings. If you have your own renter’s policy, it may cover certain items up to specified limits.

Does homeowner or renters’ insurance cover jewelry and valuables?

You may need broader coverage than what your homeowners’ policy provides to protect your valuables.

A typical homeowners’ policy contains Personal Property coverage, which can help you pay for the personal items in your home that may be damaged or destroyed by a covered cause of loss, which could include your furniture, clothes, sporting goods and electronics. Special limits of liability may apply to certain items. Additionally, a homeowners’ policy may only cover certain situations, such as theft or damage that occurs in the home itself.

If you have a renter’s policy, again, it may provide limited coverage for losses such as theft or damage in your home. You may want to consider whether additional coverage is needed to protect valuable items.

What is the benefit of a “pick what you protect” option like Traverse?

To help protect your valuables, Traverse allows you to select only the items you want to protect and pay for that coverage, without having to pay for a broader policy that protects everything you own.

Traverse insures those items in all covered claims for loss, theft or damage, not just those that take place in the home. With Traverse, you can choose one category or build a policy that bundles any combination of categories for coverage.

Categories include cell phones, personal electronics like laptops or gaming consoles, cameras, sporting equipment, musical equipment, jewelry, handbags, bicycles, clothing, and miscellaneous medical equipment like hearing aids.

Traverse policies can provide up to $5,000 of coverage for protected items in the event of a covered cause of loss. Claims are reviewed quickly and, if accepted, claim payments are deposited directly into your bank account or sent via PayPal or Zelle.

Not seeing something you want to cover, or need different coverage limits?

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