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2024-10-03
By: Advocate Brokerage
Whether you have a fleet of luxury vehicles or an expansive assortment of art, you can never put too many protective measures into place. Today, we’ll touch on a few ways to keep your investments intact beyond insurance coverage.
Start With An Assessment
First and foremost, you’ll need to take an inventory of the items that you have. Ideally, you can categorize each asset by type and have supporting documents in place to confirm proof of ownership, authenticity, and additional information, such as if jewelry is frequently worn or a property is rented out.
For small items, such as jewelry, electronics, and art collections, consider creating a digital file with photos that can be quickly and easily retrieved if any of your items are lost or damaged.
Enhance Your Security
Physical (and digital) security are crucial when it comes to protecting valuable personal items, vehicles, and even property. Once each year, evaluate your security systems. This might include surveillance cameras, alarms, and physical storage devices/locks. These, while not always infallible, can help protect against loss by theft or damage.
You’ll also want to ensure that digital documents pertaining to your valuables are stored securely so that someone can’t inadvertently utilize your online documents to claim ownership of your property.
Schedule An Appraisal
The value of personal and real property changes over time. Make sure that you schedule routine appraisals, which will confirm the current value of your valuables. Your appraisals will come in handy not only when filing a claim, but also should you choose to liquidate assets.
Look for an appraiser experienced in each specific type of property you own. Remember, an antique dealer may not be qualified to appraise jewelry, and a jeweler may not be qualified to appraise art or vehicle collections.
In addition to all of the above, you’ll want to make sure that you’ve adequate insurance coverage to cover your valuables. Talk with your insurance Advocate about high-value home insurance or specific policy add-ons to cover jewelry, arts, or other heirloom collections.
