Your home insurance might cover pricey appliances and expensive electronics, but what about family heirlooms that hold significant sentimental value? Because family heirlooms are—quite literally—irreplaceable, insuring them may seem futile. At the end of the day, though, you’ll want to be compensated should something happen to your grandma’s engagement ring or your great uncle’s watch. But how do you go about determining the item’s worth and purchasing an adequate policy for covering it?

Have the Heirloom Appraised 

If the piece is relatively valuable, have it appraised by a reputable professional. Knowing the item’s value in today's dollars will make it considerably easier to calculate just how much coverage you should buy. The appraisal certificate will also serve as proof of ownership should you ever actually file a claim. 

Review Existing Coverage

Depending on the total value of the family heirloom, it may already be covered under your existing home insurance policy. Some policies provide blanket coverage for valuables, like jewelry. Such coverage typically has fairly low limits, though, like no more than $1,500 for any single piece and no more than $10,000 total in the event of a covered loss. 

Weigh the Various Options

If it turns out your current policy is insufficient, it will be necessary to update your coverage. If increasing the existing limits is not a viable option, you can either purchase a rider, which will be added to your current terms and will cover only the specified item, or you can buy a separate policy. Buying a separate policy will likely come with higher rates, but it may be the best way to ensure an acceptable replacement or repair with fewer restrictions. 

If you recently inherited a family heirloom, turn to Lighthouse Agency for help updating your home insurance so the item will be covered. Based in Fairfield, OH, and licensed to operate in Indiana and Kentucky, as well, this agency is proud to work with some of the leading insurers in the country. Founded in 1996, they’re a family-oriented business that strives to build a lasting relationship with each and every client. Whether you need life insurance or collision coverage, you can count on them. To request an updated home insurance quote, visit their website or call (513) 860-9100.