1. Catalogue all what you deem valuable
Pillai considers the first step to insuring all your valuables is creating an inventory of all your prized belongings with details on your valuables. This involves cataloguing and including details of each valuable item, plus the original value, date of purchase, place of purchase and the receipt if possible.
“Having an inventory comes in handy when filing a personal property claim, but this inventory will likely need to be updated as you gain additional valuable items. It may be easy to forget to list a new item, but it saves you time and money in the long run in the event of a claim,” added Pillai.
“Alternatively, you could also pay specific attention to serial numbers and brands, or other identifying information. Saving these details will enable quick access (as well as a secure location) when you need to file a property damage claim.”

2. Get a quote from a specialty insurer
One way to insure expensive jewellery or other valuable items is to get a quote from a specialty insurer that covers fine jewellery and other valuables or purchase a scheduled ‘personal property endorsement’, opined Bagley.
“A ‘personal property endorsement’, an add-on policy available from most insurers, allows for an increase to the coverage limit for specific items, like a piece of fine art collection or a firearm. Purchasing an endorsement will raise the premium but result in a higher pay-out after a covered loss,” he noted.

3. Consider buying a buyer’s protection plan
When purchasing new valuable items, both Bagley and Pillai suggested that it would be worth purchasing a buyer’s protection plan from the retailer.
“Popular with jewellery and electronics companies, a buyer’s protection plan offers coverage on top of what a standard home or renters insurance already includes. There is usually a monthly or annual fee, but it may cost less than buying an add-on policy,” explained Pillai.