Generally, we people often possess expensive items, especially those that are rare and collectable, and that we invest in because their value increases significantly with time, such as jewelry, art, or other similar items.

It is great that we protect all the belongings that we own or have within our homes by buying insurance coverage and preventing their value from degrading due to uncertain damages.

We provide an estimated value of our belongings to our insurance provider without being aware that some of our precious assets can cost more than the coverage amount that we have purchased.

We may think that an insurance policy for home inventory will provide adequate reimbursement for all our valuables at times of damage or theft, but policies may provide limited or no coverage for certain items, including generally expensive items like jewelry, rare collectibles and arts, expensive floor carpets and window curtains, etc. and more.

For instance, many homeowner policies have a $1,000 or $1,500 coverage threshold for jewelry if the loss is the result of theft. These restrictions are in place to keep homeowners insurance costs down. However, if jewelry worth $2,000 is stolen from your home and your policy only covers $1,000, your insurer will only pay you $1,000 to replace the stolen items.

When that happens, an insurance endorsement (also known as a rider) can provide increased coverage for your possessions. For an additional fee, this coverage can help shield you from the loss of expensive goods, including jewelry, furs, antiques, artwork, and collectibles.

But, instead of relying on the rider’s benefit, knowing the right value of expensive items and taking additional coverage of them from the start would be a great help to you alone.

Below are a few tips you must be aware of to decide whether to buy additional coverage for valuable items or not.

1. Read your home inventory insurance policy thoroughly

As we all know, an insurance policy is a contract between the insured and the insurer. This document specifies the maximum amount for which you may be reimbursed in the event that certain expensive products are lost or damaged.

Be aware that certain things may not be covered in the coverage, so carefully study your insurance policy before buying it and see whether it matches your needs or not.

2. Update the appraised value of valuables over time

You may have possessions that are worth more than you think. To help you decide whether you need additional coverage, it may be helpful to keep yourself updated on the appraised values of essential assets.

Getting valuable items revalued regularly can help you update your insurance policy. The value of some items, such as collectibles or jewelry, may be difficult to determine without professional assistance.

It may be necessary to have your valuables appraised periodically. If the value of such valuable belongings increases significantly with time, you may need additional coverage. 

3. Make a home inventory list

You may not be able to make a decision about whether to buy additional coverage until you know exactly how many expensive items you own and the cost they are valued at.

Taking stock of your possessions by creating a thorough list that includes the items you have and their costs could be a great way to estimate the value of additional coverage.

Here are certain chores that you may need to follow to create a home inventory:

1. To make a list of valuable possessions by taking a pad and pencil and writing down the items and an estimate of the worth of each possession.

Do not forget to check your garage, basement, or attic for stored valuables, such as antiques and coin collections.

2. Use primitive methods to note down the value, like a ledger or a spreadsheet.
   
3. Keep the stored data maintained. Especially with time-updated valuations of possessions that are rare and collectible, their value can increase significantly over time, e.g., jewelry.

Be sure to keep the list of all items and the details associated with them safely, including copies of receipts or appraisals. Storing the data safely may help if you ever need to file a claim with your insurance carrier.

Because when you go out to purchase insurance or additional coverage, or even to claim reimbursement, you will be asked by your insurance provider to present a list of your possessions, how much they are worth, and their related documents, such as copies of receipts or appraisals, when possible.

But when we ponder the safety of the data of valuable possessions, primitive methods of data storage are likely unsafe. Unsafe, as in losing the data if the soft copies get lost or the spreadsheets stored on a drive get corrupted.

To some extent, primitive methods provide a temporary fix, but when it’s about the safety and security of data, negligence can’t be tolerated.

You might be worried that if not traditional methods, then what’s the permanent fix to register valuable possessions and keep their data and information safe and secure?

It is BeWizor – a cloud-based digital asset management and maintenance application – through which you can note down all items of value and add a copy of the receipt, appraisal, date of purchase, warranty card, insurance papers, or any other important information associated with them wherever and whenever possible, in a protective manner.

BeWizor is a cloud data storage system, so even if your device gets stolen or lost, your personal belongings and important documents are still safe and secure in BeWizor’s storage. Whenever you get your new device, just login into your BeWizor account, and there it is: all your personal assets in front of you.

BeWizor is built using the best technology that ensures the privacy of the user and that its data is completely safe through multi-factor authentication, end-to-end encryption, anti-debugging, code obfuscation, encryption, and much more! The app uses device-level security and can only be opened via biometrics, ultimately protecting against invaders.

Protect your valuable possessions and their data with BeWizor

The BeWizor mobile application is based on the latest AI technology, which instantly allows a person to scan and save all their valuable possessions. BeWizor is one of a kind, and it is the safest place to keep all your valuable belongings. BeWizor is the world’s most important, effective, and secure personal asset management ecosystem.

A whole lot of headaches from making a list of valuable possessions and noting down their costs using primitive methods just to find out whether you need additional insurance coverage for essential and expensive belongings or not are now solved since BeWizor came into the picture.

BeWizor comes with the fascinating feature of digitally scanning and registering countless assets presented in different places in a home and giving the option to add every detail and attribute of them, for instance, copies of receipts and appraisal values.

You can now easily insure valuable items with insurance or additional coverage by just visiting your carrier, opening the BeWizor app, and showing all the data related to valuable assets.

Also, whenever the need to make a claim arises due to the occurrence of some unfortunate scenario, BeWizor functions effectively to help you recover some value from the lost assets and ultimately succeed in making insurance recoveries when they are claimed.

These are not the only features that the BeWizor app offers to safeguard and maintain valuable possessions; there are a myriad of essential features loaded into the BeWizor app.Explore BeWizor’s more fascinating features here.