Valentine’s Day: It’s The Thought That Counts

Valentine’s Day: It’s The Thought That Counts


It seems that the long gift-giving season has just ended and now it’s Valentine’s Day already. Though the saying, “It’s the thought that counts,” might be true, there is still a need to know the value. This is because many items have a coverage limit to the amount your insurance company will pay after a loss. When purchasing or receiving a high-value item, it’s imperative that you have it properly insured. You can do this by purchasing a rider, or endorsement. It is an agreement that is attached to your homeowner’s insurance policy, providing additional coverage.


According to and the Insurance Information Institute, following are the 6 categories of items that typically have a limit, thus requiring riders for sufficient coverage. We also provide the national average for this additional coverage based on the value of the item.

Artwork. The standard limit on artwork is between $1,500 and $2,000. The cost for riders is usually based on the appraised value of the piece and the home’s distance from a fire hydrant. On average, a rider for artwork valued at $5,000 would cost about $9 per year if you lived within 1,000 feet of a fire hydrant and $16 if you lived beyond that distance.


Collectibles. Standard policies often limit coverage to a maximum of $2,000 or less, regardless of actual value. Costs of the endorsements vary, according to the type of collectible you are insuring. An average cost for a stamp collection, for example, is about 40 cents for each $100 of the appraised value, resulting in just $8 annually for this additional coverage.


Firearms. Being very easy to sell, guns are prime targets for thieves. A typical cost for a gun collection rider is about $3 for each $100 in appraised value, resulting in a cost of $30 annually for a $1,000 gun.


Jewelry. The typical limit on jewelry is $1,500, and the cost of a jewelry rider is about 68 cents for each $100 of the appraised value. Therefore, if your jewelry appraised value is $10,000, it would cost $68 to insure it annually.


Musical instruments. A rider for musical instruments averages 35 cents per year for every $100 in insured value. A $1,000 guitar, for example, would cost only about $3.50 per year for the endorsement.


Silverware. Another item targeted by burglars, silver riders average between 40 cents and 70 cents for each $1,000 in value.


Check with your insurance agent or review your policy to determine what your limits are for these items (costs vary by location and insurance companies). If you find your valuables exceed these limits, consider purchasing a rider for your specific items.


Many are surprised at the low cost for this extra insurance coverage – a very small price to pay when realizing the possible loss you could incur.