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Apartment Insurance Payout Primer: Not All Your Stuff is Created Equal

Posted on March 14, 2018

Possessions can be quirky things. You work hard for the things you’ve got, but when it comes to covering them in case of theft or damage, not all stuff is created equal.

Here’s an apartment insurance primer on your stuff.

1. Jewelry, fur and silverware.

A special individual policy, called “scheduling,” will insure these items. With scheduling, you get what’s called “mysterious disappearance” coverage, which covers you if a diamond falls out of your engagement ring.

2. Musical instruments and $15,000 bicycles.

Some policies do cover these items, but not necessarily if the theft occurs outside the apartment. You can buy that coverage but you should evaluate based on the item’s value, the cost of the coverage, and your deductible.

If you are a professional musician, home policies generally do not cover items used for business (standard mixed-use laptops are usually fine).

3. Comic book collections, rare baseball cards, vinyl records and first editions.

That first edition of The Great Gatsby? A wall full of vinyl records? Apartment insurance has got them covered, but in the case of the Gatsby novel, it should be photographed, and if the value if very high, appraised.

And get that vinyl or CD collection itemized.

4. Artwork collection.

Artwork is covered under general contents, but itemized coverage is inexpensive, broader, and makes claim settlement easier — which is why you should regularly get artwork appraised to substantiate its financial value.