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family in front of homeFor many individuals, heirlooms are hard to price. These may be items passed down from one generation to the next, or precious mementos that your grandparents gave to you. It can be difficult to put a monetary value on these items, but you often need to do so. If something should happen to them, you’ll appreciate having a high-quality, accurate home insurance policy that can help to cover the value of those items. But how do you determine their worth?

Home insurance provides content insurance for most policy owners. Content coverage most often covers the loss of personal belongings in your home for covered incidents. For example, if your TV is stolen during a break-in, your home insurance can cover the value of that TV. When it comes to home insurance, though, you’ll need to determine the amount of contents coverage you need. Most policies provide about 50 percent of the value of your policy towards possessions, but this can be significantly lower.

For high-value items, such as your heirlooms, you’ll need to have enough coverage to meet those values. Having enough home insurance is important, but only after you’ve decided how much your heirlooms are worth. To do this, have them professionally appraised. It is always a good idea to do this prior to contacting your insurance company. However, your home insurance provider can help you to estimate the value as well. Having a third party provide the estimation can give you peace of mind that you are actually going to have the level of financial protection you need should something happen to those items.

In some situations, the insurance company may allow you to insure the items beyond their value. If you believe the items are worth more, keep the coverage high. Additionally, you’ll want to have your items re-appraised every few years. This can help to make sure the value of your home insurance policy still is an accurate reflection of the value of your heirlooms. Working closely with your agent can give you the confidence you need in protecting these hard or even impossible to replace valuables.

We’ll help protect your home. Call
 Miller's Insurance Agency, Inc. at (610) 269-4500 for more information on Downingtown home insurance.
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