MMA Blog

Will Your Valuable Gifts be Properly Protected?

Last updated January 10, 2025

When you acquire a new collectible or receive a valuable gift, you might wonder if it’s automatically covered by your insurance policy.

High-end items like jewelry, watches, antiques, fine art, and collectibles require special attention to ensure they are adequately protected. Even the most comprehensive homeowners policy often falls short when it comes to covering valuable articles and collections. Relying solely on your homeowners policy could leave you underinsured if your item is lost, stolen, or damaged. To safeguard these treasures, consider separate policies specifically designed for valuables. It’s wise to discuss these insurance options with a trusted personal risk advisor.

Newly Acquired Items

Whether you’ve received a gift or made a purchase, notifying your insurer may not be your first thought. Fortunately, many policies offer an automatic protection window for newly acquired valuables, typically up to 90 days, even if you haven’t informed your insurer yet. However, for significant purchases like yachts, aircraft, or collector vehicles, it’s essential to involve your personal risk advisor early in the process to address any specific insurance considerations.

Actual Cash Value vs. Replacement Value

Standard policies often settle claims for valuable items based on “actual cash value,” which is the original purchase price minus depreciation. This method can undervalue your item, as it doesn’t account for its rarity or the costs associated with expert restoration.

Broader Loss Coverage

Most standard policies cover losses from a defined list of perils, such as theft or fire. However, if your antique vase breaks, a diamond falls from your grandmother’s brooch, or your grandfather’s gold pocket watch goes missing, these losses may not be covered. Specialized valuables insurance typically includes protection for these common scenarios.

For jewelry, collectibles, and other valuable gifts, it’s crucial to work with a personal risk advisor who understands the complexities of protecting your cherished property and assets. Our team is ready to help. Reach out today!

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For more information about steps to take with your valuables and types of coverage available, check out this holiday article.

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