Art thiefIf you recently inherited property, your first thought may not be to insure it. However, that may be one of the most important decisions you need to make.

Often, a home insurance plan that you already have could provide the coverage. However, you may inherit something that is highly valuable, such as an art collection. At that time, it becomes very important for you to choose the right plan for your needs.

What Is the Value of Your New Inheritance?

The first step when insuring expensive property is to consider the value of the items themselves. If the item is rare or hard to put a price tag on, the first step is to get it appraised.

Turn to a local appraiser for an official value. This will give you a guideline to follow when it comes to protecting your new valuables. Art collections can change in value from time to time. It will be important for individuals to come back to the appraiser every few years. Frequent appraisals can ensure they have an accurate representation of value.

What Is the Limit on Your Existing Home Insurance Plan?

Now, take a look at your current home insurance policy. This policy will cover your personal property up to a certain value. Beyond that, your assets do not have protection.

If you have a high-value art collection, it may exceed the value of your personal property protection. Remember, this covers all your personal property. If an event such as a fire or theft occurs, you will need this limit to be enough to replace all of what you lost.

Extending Your Coverage

Often, a standard personal property level will not be enough to protect a valuable collection. For this reason, you may wish to add a rider onto your existing home insurance plan. The rider will be specific to the value of the art collection. You and your agent will determine the collection's value. You usually get this value as the result of the appraisal.

Do not assume a valuable collection will have coverage under your existing policy. Your home insurance agent needs to know about the collection as well as its perceived value. Having this information can help you to protect your investment from a variety of risks.

The agents at R.V. Johnson Insurance can help you get the right Stuart FL home insurance policy. Contact us today.

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