As a homeowner, you understand the significance of having the right insurance policy to safeguard your property.

However, there may be certain valuables within your home that this policy does not protect, in which case it may be worth considering obtaining additional coverage. Discover the basics of valuable items insurance to determine if this option is right for you.

What is valuable items insurance?

Many homeowners policies have a limited coverage amount for high-value items like artwork, jewelry, antiques, and collectibles. Unfortunately, this amount may not actually be enough to cover the cost of such a piece should it be stolen, lost, or damaged. That’s where valuable items insurance comes into play. This is an additional insurance endorsement, also called a rider, that extends the protection of your traditional homeowners insurance at an added premium. Though you may be able to increase the coverage of your existing insurance policy, you may also need to get an endorsement for each item you want to be covered.

What to consider

Start by conducting a home inventory to better understand what items you have, what their values may be, and what you want to be covered. (Check out this article for more information on the process.) You may also be able to use this to provide proof that you owned the item in the event of damage, loss, or theft. Then examine the terms of your homeowners insurance policy. What items does it cover, and what are the coverage amounts? If you find they are well under what you estimated in your home inventory, it may be time to look into getting an insurance endorsement.

At that point, the next step would be to have your high-value items appraised. You may be undervaluing or even overvaluing their prices, and a professional appraiser can give you a better idea of what your collectibles are actually worth. This will help ensure that you acquire the right amount of additional coverage to suit your needs. Keep in mind that this may not be a one-time thing—the cost of artwork and gold, for instance, can vary from year to year, so if the value jumps one way or the other, you’ll need to have the items reappraised. Then you can increase your coverage amounts accordingly.

As with any policy, make sure to talk with your insurance provider to better understand your options. They can help you examine any limitations of your current policy and what additional coverage may be the best for you.