Do You Need a Separate Insurance Policy for Valuables?

Homeowners policies have limits on high-value items, so extra coverage is often needed.

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Whether you live in a hurricane zone or wildfires are likely in your area, you could be in for a nasty surprise if you have a total loss and inadequate insurance coverage for your valuables. Many people think “contents” insurance covers everything they own. But that’s not the case for certain items.

How do you know which valuables you own require a separate policy, and what is the cost to insure these items? You may be surprised to learn what isn’t covered under your standard insurance policy.

Items That Are Not Covered Under a Standard Homeowners Policy

While typical homeowners’ insurance policies are designed to protect your belongings, there is limited coverage for valuable possessions. You may have items that you don’t know need additional coverage.

Durable Medical Equipment Has Limited Coverage

Not all homeowners’ insurance policies cover durable medical equipment (DME). And the coverage that is included is often limited, according to Morgan’s Caring Connection. Examples of DME could be:

• wheelchairs and mobility scooters
• oxygen tanks and respiratory devices
• prosthetic devices
• adaptive communication tools like speech-generating devices.

Review your policy and determine what coverage you have for any DME. It’s important to discuss this with your insurance agent. You’ll need a separate endorsement to your homeowners’ or renters’ policy to cover it. If you have multiple DME items, ask about bundling coverage for all items under a single endorsement.

Wine and Spirits Collectors Need Additional Coverage

A standard homeowners’ policy typically does not provide sufficient protection for most wine collections. A separate, valuable articles policy that provides comprehensive coverage is needed.