So, you’ve got an Amazing Fantasy #15 comic book – the first appearance of Stan Lee’s Spider Man in a safe from when you were just a kid. What you probably know is that this item can be worth tens of thousands of dollars, but what you probably don’t understand is what happens if that item is lost, stolen or destroyed by a disaster in your home.
Many of us acquire valuable items from inheritance, being collectors or investment purposes throughout our lives. Perhaps you received a valuable old watch, or received an expensive engagement ring. Often time people assume that these collectibles will simply be covered by your standard home insurance policy as a covered item. What is important to understand about insuring these items is that your standard home insurance policy has specific limits for these valuable items. Typically around $1500, but this amount varies between companies. So, if you have a watch worth $10,000 you’ll have a gap of $8500. What you need to talk to your insurance agent about is getting something called a “floater.” A floater is a type of insurance policy that allows you to insure a specific item. One way to remember a floater is that the items it covers tend to be able to float away (be carried away). Thus, increasing the chances of theft or damage.
Some valuable items to consider adding to a floater include:
- Rings, necklaces and other jewelry
- Historical Documents
- Comic Books
- Expensive electronics
While you may not have an expansive comic book collection or a one-of-a-kind fur coat from the 30’s, if you have questions about your home or renters insurance, call the insurance agents at Hayden & Hayden Agency, Inc. in Tempe, AZ. We represent several top rated insurance companies for all your auto, home and business insurance needs.