Not all of us have everything in the bank. Especially in these times of financial instability, more and more citizens are investing in cash and gold rather than keeping everything in one place. But whether it’s stuffed under the mattress, buried six feet under in the backyard or locked tightly away in a vault, are you insured if someone manages to break in and steal it?
Most standard home insurance policies will only cover up to $200 worth of money, notes, medals, coins, bullion, silverware and gold. If your belongings add up to much more than that, you may need to alter your insurance to match.
Floater policies cover any kind of loss. This means even things your homeowners policy won’t cover, such as a gold bar or an antique coin. Any items that fall under a floater must be professionally appraised, which gives you a higher coverage limit.
Scheduled personal property insurance
This is a policy that extends coverage beyond the standard protection provided by a homeowners’ insurance policy. You can even take this out on items stored in a safe deposit box at the bank. By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as silver and gold, in the event of a claim.
Use a safe
Of course, this isn’t the only thing you should do to protect your valuables. However, if you insist on keeping items such as gold bars in your home, invest in a vault. You can also use an authorized depository at companies such as HSBC Bank and JPMorgan Chase.
If you’re still unsure about what option works best for you, get in touch with us. We can talk you through your options and help you make the decision that’s best for you.