Are valuable items fully covered?

Complete Guide to Valuable Items Coverage for Condo & Townhome Owners

Why This Question Matters for Colorado and Utah Residents

Whether you call downtown Salt Lake City or Fort Collins home, owning valuable items like jewelry, fine art, or high-end electronics adds a unique challenge to insuring your condo or townhome. Local risks—such as high rates of theft in urban areas, frequent hail claims (Colorado ranks 2nd in the U.S.), and increased wildfire threat along the Front Range—make comprehensive protection even more important in our region.

• Policy limits are often too low: Standard HO6 policies in Colorado/Utah typically cap jewelry at $1,500 and art at $1,000 per loss—well below the value of many belongings.
• Theft and disaster rates are rising locally: Urban condo complexes in Denver and Salt Lake have seen an uptick in theft, while Northern Colorado has experienced a 53% jump in hail and wildfire-related claims since 2022.
• Coverage gaps are common: 57% of Colorado condo owners underinsure personal property, underestimating true replacement costs by up to 40%. Many are unaware that standard policies exclude or limit certain valuables unless you take extra steps.

What Most People Get Wrong

The biggest misconception is believing all personal property is equally protected under your policy. In reality, categories like jewelry, watches, collectibles, and high-end electronics have much lower sublimits—catching many Colorado and Utah residents off guard after a loss. Some owners think their HOA's master policy will help, but it never covers personal valuables.

Second, many owners don't realize that scheduled personal property endorsements are not just for the ultra-wealthy. They're the only way to ensure full value reimbursement (minus your deductible) for high-value items if they're lost, stolen, or damaged—even outside your home.

The Complete Picture

In the event of a claim, your standard condo or townhome insurance policy will only pay out up to its set per-category limits—no matter the appraised value of your items. If you own a $5,000 painting or a $10,000 engagement ring, your policy might cover just a fraction unless you add a scheduled personal property endorsement. This endorsement itemizes and insures each high-value item for its full appraised or purchased value.

Getting proper coverage means:

• Providing an appraisal or proof of value
• Selecting the specific items to list
• Paying a small additional premium (e.g., $5-12/month per $10,000 item, often less with multi-item discounts)

For Colorado and Utah owners, scheduling valuables also often expands your protection: covering losses anywhere, including while traveling—ideal for ski towns and frequent flyers. Considering the rise in special assessments, theft claims, and urban burglary rates, scheduling valuables provides security and peace of mind.

Making the Right Decision for Colorado and Utah Residents

Question 1: What are the true limits on your valuables under your current policy?

Don't guess—look carefully at your "Personal Property" section and note sublimits for each category:

• Jewelry, watches, and precious metals (usually $1,500-$2,500)
• Fine art, collectibles, and musical instruments (often $1,000 per category)
• Electronics (sometimes capped at $2,500 for portable devices)

If your combined value exceeds these limits, it's time to consider a scheduled endorsement.

Question 2: Have you recently inventoried and appraised your valuable items?

Many condo owners in Colorado and Utah acquire new valuables over time. Schedule an annual inventory. Take photos, save appraisals and receipts, and keep them in a secure digital folder. This ensures you have documentation if you ever need to file a claim.

Question 3: What are your region-specific risks?

Are you in a high-theft zone (urban Denver/Salt Lake), a hail-prone region (Northern Colorado), or a wildfire risk area (Foothills)? Colorado and Utah data shows that localized events can cause both total loss and surges in opportunistic theft post-disaster. Matching your coverage to your specific environment is essential for true financial peace of mind.