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Buying something valuable? 5 things to do next

woman with shopping bags

If you’re planning to add a new piece of jewelry, fine art, wine, or another type of collectible to your home, here are a few things you’ll want to do next.

 

Keep the paperwork

When you’re purchasing a valuable item, like a piece of jewelry, a new painting or sculpture, or a bottle of fine wine, make sure you keep the receipt and any notes that include when the item was purchased and an accurate description of the item. Having that paperwork will make it much easier to get future appraisals.

 

Talk with your insurance agent or broker

Let your insurance agent or broker know that you now own a new valuable item and ask him or her what type of documentation is required for you to insure the piece.

 

Ask about your coverage

Your insurance agent or broker can tell you how much coverage is included with your homeowner’s or renter’s insurance policy, and what types of losses are covered. Many standard homeowner’s and renter’s policies provide minimum amounts of coverage, after a deductible is met. Many of these policies don’t provide coverage for items you lose.

 

Get the protection you need

If you don’t have it already, you may want to purchase a policy that specifically covers your valuables. The right policy could protect your new item and your other collectibles from a wide variety of losses, including theft, breakage, and “miscellaneous disappearance” (i.e. you lost it).

 

Do what you can to keep it safe

If possible, store your valuable item in a secure location such as a safe deposit box or special storage facility. Then, let your insurer know, because there may be “in vault” coverage that will allow you to pay less for the protection you need.

This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.

Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at chubb.com. Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Surplus lines insurance sold only through licensed surplus lines producers. Chubb, 202 Hall's Mill Road, Whitehouse Station, NJ 08889-1600.

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