Whether you live in a hurricane zone or wildfires are likely in your area, you could be in for a nasty surprise if you have a total loss and inadequate insurance coverage for your valuables. Many people think “contents” insurance covers everything they own. But that’s not the case for certain items.
How do you know which valuables you own require a separate policy, and what is the cost to insure these items? You may be surprised to learn what isn’t covered under your standard insurance policy.
Items That Are Not Covered Under a Standard Homeowners Policy
While typical homeowners’ insurance policies are designed to protect your belongings, there is limited coverage for valuable possessions. You may have items that you don’t know need additional coverage.
Durable Medical Equipment Has Limited Coverage
Not all homeowners’ insurance policies cover durable medical equipment (DME). And the coverage that is included is often limited, according to Morgan’s Caring Connection. Examples of DME could be:
- wheelchairs and mobility scooters
- oxygen tanks and respiratory devices
- prosthetic devices
- adaptive communication tools like speech-generating devices.
Review your policy and determine what coverage you have for any DME. It’s important to discuss this with your insurance agent. You’ll need a separate endorsement to your homeowners’ or renters’ policy to cover it. If you have multiple DME items, ask about bundling coverage for all items under a single endorsement.
Wine and Spirits Collectors Need Additional Coverage
A standard homeowners’ policy typically does not provide sufficient protection for most wine collections. A separate, valuable articles policy that provides comprehensive coverage is needed.
According to Forbes, wine collectors should purchase an insurance policy that provides worldwide all-risk coverage for most causes of loss. Some losses could be due to breakage, theft, or spoilage caused by mechanical breakdown.
Jewelry Needs an Insurance Policy Endorsement
A standard homeowners’ policy does contain some limited coverage for jewelry loss or theft, according to Jewelers Mutual. But it usually only pays around $1,000–1,500. A loss from a mysterious disappearance or accidental damage is not typically covered.
Purchase an endorsement to protect your jewelry.
Collections Not Typically Covered
Basically, anything you collect that has value is a collectable. It could be Cuban cigars, figurines, comic books, etc. Typically, your homeowner’s policy will have strict limits on what it will pay, and perils like fire, loss, theft, or accidental damage are often excluded.
So if a storm breaks your window and your Hummel collection is destroyed when its glass case collapses, you won’t have coverage under your standard homeowner’s policy, according to Powers Insurance & Risk Management.
Fine Art and Antiques Have Limited Coverage Under Homeowners’ Insurance
Homeowners’ insurance policies have limited coverage for your artwork and antiques. They typically provide a maximum of $2,500, according to Weatherby Eisenrich Insurance.
Fine art is different from collectables and jewelry. It generally encompasses investment-type, one-of-a-kind works with historical significance.
Talk to your insurance agent to determine whether your art is “fine.” They can guide you to the proper insurance policy and coverage amounts.
What Does It Cost to Insure Valuables?
According to Emery & Webb Insurance, insuring a valuable item typically ranges from 1–2 percent of the item’s value per year. But costs depend on the type of item, the location, and the type of policy you choose.
For example, insuring a $5,000 bracelet may cost $50 annually but will have a $250 deductible. A $20,000 fine art piece could range from $200 to $400 annually.
How to Insure a Valuable Item
To insure a valuable item, start by reading your insurance policy. Check what items are covered and whether there are limits. Even if there appears to be some coverage, ensure you look at the exclusions. Some perils may not be covered.
You may have possessions that are worth more than you think. Have your valuables appraised to determine whether you need additional coverage. You may have paid $2,500 for a ring a few years ago, but its worth may have increased.
Remember to have your valuables reappraised periodically. If they increase in value, you may need additional coverage.
You must know what valuables you actually have. Create a home inventory to take stock of your belongings. Remember to check the attic, basement, or garage for stored valuables.
List all items for your insurance carrier and yourself. Include copies of receipts or appraisals. Having a list is imperative if you ever need to file an insurance claim.
Take stock of your electronic equipment. If you keep high-end computers and other electronics in your home, you may want to ensure your homeowners’ policy will cover a loss.
Safeguard Your Valuable Items
Discuss with your insurance agent the need to insure your valuable items. It’s important to understand the coverages and exclusions in a standard homeowners’ policy for your high-cost items.
Take inventory of your belongings and ensure they are protected.
The Epoch Times copyright © 2026. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
