You might acquire an insurance policy for your house, car, or even for your new iPhone; but should you also get one for your silverware?
Most people probably would not. After all, they’re just spoons, forks, and knives. But what if these little items are beloved antiques that have been passed down from several generations? This is where an insurance policy comes in handy. Insurance for valuable items will provide some form of protection for your silverware and other treasured belongings against theft, or damages caused by weather and fire.
Furthermore, companies that offer these services can give you refunds plus compensations if your items get lost.
But if you’re still skeptical about safeguarding your spoons and forks, maybe this post will help you further understand the benefits of acquiring a silverware insurance policy:
Homeowner’s policies are limited
If you have a homeowner’s insurance policy, you probably understand that you’ll only get very limited compensation for lost valuable items. These policies do not usually cover damages caused by a house fire or theft. If they do cover these casualties, you will only receive a very little amount. If your $1,500 knife set gets stolen, a homeowner’s policy can only give you around $250 – $500. Not much for a cutlery collection worth $1,500.
Silverware insurance can cover theft, fire, or weather damages; and they also offer competitive rates, especially for cutleries that have high appraisal.
You can cover items individually or by group
If you just want to insure a single piece of silverware, that’s totally fine because companies can accommodate your request. But if you want to safeguard more items, they can provide you with blanket coverage. However, it is still advisable that you insure your silverware individually.
This process may be more expensive than the other option, but at least each piece is scheduled and listed. This means you get each item’s full value when you want to make a claim.
You can determine the replacement value of your item before making a claim
Determining the value of items such as cars, refrigerators, mobile devices, and furniture is very easy. However, placing a dollar value on a cutlery set that was passed down from your great uncle can be tricky because they have to check its authenticity. Scheduling your beloved flatware, and even other antique item or jewelry, will help you determine its real value; thus eliminating any problems that you might encounter when making your claim.
These services cover loss in market value
Silverware that has a damaged itemized cover can lose its market value. Most insurance firms are willing to pay their clients if this situation happens.
If your silverware becomes damaged beyond repair, you can ask the insurance firm to replace it with a new one. But if it’s a rare piece and no replacements are available, you can just opt for a cash settlement instead.
The Wrap Up
At first glance, acquiring silverware insurance may seem unnecessary and expensive. However, these services offer a lot of benefits in the long run. You’ll get monetary compensations, and the company might even replace any damage goods for free. Make sure that you carefully inspect the silverware insurance policy that you will get so that you will have the best benefits.
Do you know any reliable companies that offer silverware insurance? Share your recommendations in the comments!