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What Are the Items Covered By Valuable Personal Property Insurance?

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What Are the Items Covered By Valuable Personal Property Insurance

Valuable personal property insurance is purchased to cover special items that may be valued differently than other items you own. Items that are valued significantly higher due to their age or uniqueness may require a special policy that will provide additional coverage if they are lost, damaged, or stolen. It’s important to know what type of damage is covered for each type of item.

Jewelry

Jewelry that is made from precious metals and gemstones like diamonds, rubies, sapphires, and emeralds are worth much more than basic costume jewelry. While cheaper jewelry can still be insured, the pieces may not be valuable enough for their own policy. Expensive jewelry like diamond wedding rings should always be appraised before an insurance policy is purchased. Heirloom jewelry pieces may hold value simply due to their age, but an appraisal to determine their value is recommended.

Antiques

Antiques are items that hold significant value due to their age or the fact that they cannot be easily replaced. Antique and vintage style furniture, clothing, vehicles, and other household items can be quite costly to buy. While many old items have sentimental value, that doesn’t necessarily mean they hold monetary value that would require an additional insurance policy. If you are unsure of how valuable a particular antique or vintage item is, you may want to talk to an antique dealer to determine item’s real value.

Artwork

Artwork can include pen or ink drawings, sculptures, paintings, pastels, and any other type of work that holds substantial value. Pieces of art that were created by well-known artists are usually much more valuable than items made by an unknown artisan. Before you purchase personal property insurance for pieces of art, you should have your artwork appraised by a reputable art dealer who specializes in the type of piece you own. You should discuss your options with your insurance agent.

Musical Instruments

Quality musical instruments, whether they are antique or not, can be extremely valuable. Antiques can hold additional value, especially if they are still able to be used for their original purpose. Protecting these items may require the use of a case or storage in a temperature-controlled environment. If the instruments are used as part of your livelihood, make sure they are insured for their full value. Any time you buy another instrument, make sure to call your insurance agent immediately.

Insuring your most valuable possessions is essential if you want to protect yourself from financial loss. Purchasing personal property insurance coverage is not something you should take lightly. Contact James Page Insurance if you have any questions about insuring your valuable items. We have the answers you are looking for and will assist you in finding the right coverage.

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Discover the Benefits of Liability Insurance for LLCs

Discover the Benefits of Liability Insurance for LLCs

Risks are part of doing business. LLCs, sole proprietorships, and large corporations all face some degree of risk at many different levels. Service-oriented businesses face liability risks, just like companies that produce products. The risks may vary, but they are significant just the same. If left unprotected, the financial losses you incur may be too much for your business to bear. With the right type of business liability insurance, your business will have the resources it needs to survive the financial hardship that a liability claim will cause. Hence, LLCs need liability insurance just like all other businesses.

Every Type of Business Has Liability Risks

Businesses can incur many different types of risk. If you own a building or office, slip and fall accidents may be a significant risk. Manufacturers and retailers who deal in products may have to worry about product defects and the liability associated with such claims. Service-oriented businesses are susceptible to risks related to poor workmanship or the use of defective parts. Understanding the many different types of risks that a business can face is the first step in finding the right type of insurance to protect against it.

The Perks of Having Liability Insurance

Managing your businesses’ liability risk is much easier if you have the right type of insurance. When you have identified the various types of liability that your business may face, you can begin to manage it effectively by purchasing the right types of liability insurance. With this insurance in place, your policy will bear the brunt of financial stress if a claim is filed. Even though an LLC protects you from personal loss that may be associated with your business, having a liability policy in place ensures that your business assets and financials remain in good standing as well.

Avoiding Disaster and Financial Loss

In addition to purchasing the appropriate liability coverage, there are other things you can do to protect yourself from devastating financial loss. Understand what causes specific types of liability and take the necessary measures to protect yourself and your business. It’s also a good idea to create a special financial account that can be used to make unexpected repairs that may be needed to prevent individuals from being injured while on the job. If your business isn’t an LLC, take steps to convert it to one. This will protect you from financial loss, and your liability insurance will cover the business itself.

If you own an LLC, sole proprietorship, or any other type of business, you will need to find out as much as you can about the kind of liability you may experience during your daily operations. To learn more about liability insurance, contact the experts at James Page Insurance today. We can help you find the right insurance policy that meets your coverage needs and budget.

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