Do I need specialty insurance for my collection and other valuables?

Whether you own your home or rent, you may need specialty insurance without even realizing it. For most people, specialty insurance covers belongings such as jewelry, artwork, and collectibles that exceed your home or renter’s standard policy limits, which can be quite low. If you live in the Denver, CO area and want to know whether you might benefit from specialty insurance, let our team at AFI Insurance walk you through your options.

Specialty Insurance Options

The typical home or renter’s insurance has limits on the total value of your household belongings and by category, with many limiting the coverage for the theft of jewelry, watches, and furs to $1,500. Many households have engagement rings or other items worth well more than $1,500, so the need for additional coverage is widespread.

Among your options for these valuables are:

  • Higher Policy Limits- This approach increases the standard policy limits. While they are simple to execute, the increased limits often remain below the level needed.
  • Riders or Endorsements- Policyholders can add riders or endorsements to their home policies that insure specific items outside the normal limits. These work well for those with a few valuable items.
  • Specialty Insurance- These distinct policies cover specific items or collections against theft, damage, or loss and require professional appraisals of each item. An added benefit is that a claim on a specialty insurance policy does not affect your home policy, making them the appropriate solution for many with moderately priced valuables.

Working with AFI Insurance

Each client has unique insurance needs. AFI Insurance proudly serves the Denver, CO area, and can help you obtain a specialty insurance policy to protect your valuables. So, call or stop by today to discuss your specialty insurance options.

Frequently Asked Questions About Financial Planning Insurance

Financial planning insurance is a vital element of a comprehensive financial strategy, providing protection and peace of mind for you and your family. Here at AFI Insurance, serving the greater Denver, CO area, we want to help answer any questions you may have about this insurance product. Here are common questions about financial planning insurance, along with the answers.

1. What Is Financial Planning Insurance?

It includes various products like Life Insurance, Disability Insurance, and Long-Term Care Insurance, designed to protect your financial well-being.

2. Why Do I Need Financial Planning Insurance?

It safeguards your financial goals and assets from unexpected events such as Illness or Death, ensuring financial security for your loved ones.

3. What Types of Insurance Should Be Part of My Financial Plan?

Common types include Life Insurance (providing a payout to beneficiaries upon your death), Disability Insurance (replacing lost income due to Disability), and Long-Term Care Insurance (covering Assisted Living or Nursing Home costs).

4. When Should I Consider Purchasing Financial Planning Insurance?

Ideally, start when you begin your financial journey or experience significant life changes like Marriage or Home Purchase. Buying insurance at a younger age often results in lower premiums.

5. How Much Coverage Do I Need?

The amount depends on your goals, obligations, and lifestyle. Consult a financial advisor for personalized guidance.

Financial planning insurance acts as a safety net, protecting your financial future. Consult with a financial advisor to create a tailored insurance strategy aligned with your goals and needs, ensuring you and your family are well-protected in uncertain times. If you’re ready to learn more about obtaining a financial planning insurance policy in the greater Denver, CO region, contact AFI Insurance to get started.