Buying something valuable? 5 things to do next

When purchasing a valuable item, like a piece of jewellery, a new painting or sculpture, or a bottle of fine wine, keep the receipt and any notes that include when the item was purchased and an accurate description of the item. Having that paperwork will make it much easier to get future appraisals.

Let your insurance agent or broker know that you now own a new valuable item and ask him or herthem what type of documentation is required for you to insure the piece.      

If you’re not sure of the value, seek out a professional appraiser who can document the actual value of your piece.

Your insurance agent or broker can tell you how much coverage is included with your home contents insurance policy, and what types of losses are covered. Many home contents policies provide minimum amounts of coverage, after a deductible is met. Many of these policies and don’t provide coverage forcover items you lose.

If you don’t have it already, you may want to purchase a policy that specifically covers your valuables. The right policy could protect your new items and your other collectibles from a wide variety ofvarious losses, including theft, breakage, and “miscellaneous disappearance” (i.e. you lost it).           

If you’ve already got a valuable articles policy, make sure to add your new piece to this schedule.

If possible, store your valuable item in a secure location such as a safe deposit box or special storage facility. Then, let your insurer know, because there may be “in vault” coverage that will allow you to pay less for the protection you need.

If you’re not wearing a piece of fine jewellery for example, you may want to keep it in a bank safe or an in-home safe that:

• has a tool- and torch-resistant rating of 30 minutes or more (TL-30/TR-30)
  
• is too heavy for a burglar to carry, or 
• is bolted to the floor or home structure

Then, let your insurer know because there may be “in vault” coverage that will allow you to pay less for the protection you need.