What Does Valuable Personal Property Insurance (VPP) Cover?

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If you’re a homeowner, protecting your property is a simple process: Get a homeowner’s policy that covers your home if it’s damaged by a covered peril. Fortunately, for perils that are not covered, you can purchase additional insurance to take care of that.
The downside to home insurance, and personal property protection in particular, is that it will only cover a certain dollar amount of your property. For highly valuable items, you might end up taking a loss. So, how can you protect your valuable items, such as your jewelry, fine art, and other items? That’s where Valuable Personal Property insurance comes in.

What Is Valuable Personal Property Insurance?

Valuable Personal Property (VPP) insurance is designed to provide coverage for items that you own that are valued at $100 or more. In addition to providing protection for your more expensive items, VPP also gives you the following benefits, including:
No deductible: When you purchase VPP insurance, you don’t have to pay a deductible.
Replacing lost property: Unlike standard homeowner’s insurance, VPP insurance will pay to replace your valuable items if they are lost.
Accidentally broken or damaged property: In the same way that VPP insurance pays for lost items, it will also pay to repair or replace your high-value items if they are damaged.
Coverage for your items around the world: VPP insurance doesn’t just provide protection for your items when they are in your home, but covers them wherever you take them in the world.

What Does Valuable Personal Property Insurance Cover?

When it comes to your property, VPP only protects high-value items. For your other property, you will need to rely on your regular personal property protection. Here’s what VPP covers:
  • Jewelry and smartwatches
  • Guns and bows
  • Cameras
  • Instruments
  • Fine art
  • Silverware
  • Furs
  • Stamps and coins

What Doesn’t Valuable Personal Property Insurance Cover?

Some VPP policies do not cover particular items because these items tend to be covered by your regular homeowner’s insurance. Make sure to check with your insurance agent to find out exactly what your insurance company’s VPP protection covers. Some of the items that a VPP policy might not cover incudes:
  • Collectibles (figurines, sports memorabilia, comic books, etc.)
  • Drones
  • Electronics (television, computers, etc.)
  • Mobile phones (some companies offer mobile phone protection)
  • Tablets or e-readers
  • Gaming systems
  • Sporting goods (bicycles, crossbows, scuba equipment, etc.)
  • Medical Equipment (hearing aids, glasses, etc.)
  • Designer clothes or accessories

Types of Valuable Personal Property Insurance for Jewelry

There is more than one type of coverage when it comes to your high-value jewelry. The different types of VPP insurance for items of jewelry include:
Blanket Jewelry Policy: A blanket jewelry policy covers any jewelry you have that is $2,500 or less up to a maximum policy limit of $10,000, though this can vary according to the insurance company you use. And while you are not required to list all of your items at the time you select your coverage, you do have to present proof of value and ownership if you report a claim.
Scheduled Jewelry Policy: If you own valuable items that are over the $2,500 maximum value, you do have the option of getting a scheduled jewelry policy for those individual pieces. With this type of policy, you have to list the items that you want coverage on, and you might even have to have additional documentation, depending on the particular policy.
By getting VPP insurance to protect your most valuable items, you can give yourself a little peace of mind. And while no insurance policy can replace the sentimental value of an item, it can at least help replace the monetary value of a high-priced item if it’s lost, stolen, or damaged.