As we celebrate Washington’s Birthday today, it’s a great time to reflect on the things we value most—both in history and in our personal lives. Just as we preserve historical artifacts and documents from George Washington’s era, many of us own valuable assets that need protection. Whether it’s jewelry, fine art, antiques, collectibles, musical instruments, or even firearms, securing the right insurance coverage is crucial.
Here’s what you need to know about the unique considerations for insuring valuable assets and how MBG Insurance can help safeguard your treasures.
1. Standard Home Insurance Might Not Be Enough
Many assume their homeowners or renters insurance covers high-value items, but most policies have coverage limits on valuables. Jewelry, art, and antiques often exceed these limits, leaving owners underinsured in case of theft, damage, or loss. Specialized coverage ensures that your prized possessions are fully protected at their appraised value.
2. Appraisals and Proof of Ownership Are Essential
Unlike general belongings, valuables like rare coins, musical instruments, and fine art require professional appraisals. Insurers need documentation and updated valuations to determine accurate coverage. Keeping receipts, certificates of authenticity, and professional appraisals can make filing a claim smoother and prevent undervaluation.
3. Coverage for Different Risks
Valuable assets are exposed to risks beyond theft, such as fire, natural disasters, accidental breakage, and even mysterious disappearance. For example:
- Fine art and antiques can be damaged by humidity, fire, or improper handling.
- Jewelry is prone to loss or theft, especially during travel.
- Musical instruments face wear and tear, accidents, or even damage during performances.
- Firearms require specific liability coverage, particularly if used for sport or self-defense.
4. Specialized Policies Offer More Protection
Unlike basic home insurance, specialized valuable item policies cover full replacement costs, accidental damage, and sometimes even appreciation in value. Some policies also offer worldwide coverage—ideal for collectors, musicians, and those who frequently travel with their valuables.
5. Security Measures Can Affect Premiums
Insurers may require specific security measures to offer comprehensive coverage. Installing a safe, security system, or climate-controlled storage for fine art and collectibles can lower premiums. Some policies also require scheduled appraisals to adjust for depreciation or appreciation over time.
6. Choosing the Right Insurance Partner Matters
MBG Insurance provides tailored coverage options designed for jewelry, fine art, antiques, collectibles, musical instruments, and firearms. With a team that understands the complexities of high-value asset insurance, you get peace of mind knowing your treasures are protected.
Celebrate Washington’s Birthday by Protecting What Matters
As we honor Washington’s Birthday, a day celebrating legacy and preservation, take a moment to think about the valuables in your life. Whether it’s a family heirloom, a rare painting, or a prized guitar, ensuring they are properly insured is an investment in their legacy.
For expert guidance on insuring your valuable assets, explore MBG Insurance and ensure your treasures stand the test of time—just like the history we celebrate today.
Need a quote or expert advice? Contact MBG Insurance today and safeguard what you cherish most!