Standard travel insurance policies often have low limits for high-cost items. Which means if you’re traveling with expensive equipment or bringing valuable items like jewelry, you might need extra coverage.
As you’re shopping for travel insurance, look for customizable policies or companies that don’t exclude high-value items.
This way, you’re financially protected if your heirloom ring or top-of-the-line camera is lost, damaged, or stolen while you’re traveling.
Erika Recommends
- World Nomads
Covers gear and tech for adventure travelers. - Allianz Travel Insurance
Offers add-ons for equipment, such as laptops and smartphones. - Travel Guard
Baggage insurance up to $2,500 with add-on options.
What Counts as a Valuable Item for Travel Insurance?
Your policy might have exceptions for valuable items or limits that don’t cover the cost to replace or repair an item you bring with you.
Common items generally considered valuable for insurance purposes include:
- Electronics and photography equipment: Even though it’s common to bring laptops and smartphones on a trip, these are often considered high-cost. Drones and professional cameras are also often considered valuable items.
- Jewelry, watches, and designer accessories: If you bring expensive rings, necklaces, or handbags when you travel, they might not be covered by regular travel insurance. Also, if you buy these items while traveling, they might not be fully covered for the trip back.
- Sports and adventure gear: When you bring your high-end skis, bicycles, or scuba diving equipment, it might not be fully covered by a standard travel insurance policy.
It’s also important to note that if your valuables are damaged or lost in transit, the airline might not be responsible for them.
While airlines must cover up to $4,700 per domestic passenger for lost or damaged baggage, they can exclude valuable items, including electronics, cash, jewelry, and gear.
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How Standard Travel Insurance Covers Valuable Items
Most policies cap reimbursement for valuables at between $500 and $1,500.
It’s important to understand both the per-item cap (the maximum they’ll pay per item) and the aggregate cap (the total cap for all your valuable items together).
Read the exclusions to your policy as well. Most baggage insurance policies won’t cover:
- Lost or stolen items that were left unattended
- Regular wear and tear
- Further damage if there was already pre-existing damage
Consider the value of your items and how much it would cost to replace them. You’ll want additional coverage if you’re carrying valuables that exceed standard policy limits.
RELATED: Protecting Your Belongings While Traveling: Tips & Coverage
Best Travel Insurance Providers for Valuable Items
If you have homeowners or renters insurance, your valuable items may already be covered while you’re traveling.
For example, a basic policy with Lemonade covers personal property up to $10,000 — although some valuable items are only covered up to $1,500. However, you can add these items to your policy, which then also covers them anywhere you travel.
If you still need (or want) to add extra coverage through your travel insurance, there are some that specialize in pricey gear or let you boost your coverage with add-ons.
Your credit card may include baggage coverage, although this is typically only for while your bags are in transit. For example, if the airline loses your bag, you’d be covered, but not necessarily if your purse was stolen partway through your trip.
World Nomads: Best for adventure travelers and digital nomads
World Nomads specifically caters to adventure travelers and people who participate in sports while traveling.
Depending on the plan you choose, your valuables might be covered up to $3,000, which is significantly higher than the limits offered by many traditional travel insurance plans.
Allianz Global Assistance: Best for flexible add-ons
If you’re looking for add-ons, especially for costly professional equipment, Allianz Travel Insurance might be a good choice.
The Premier plan allows for up to $2,000 per insured person, per trip, for baggage and personal items. But there are also add-ons for equipment, such as laptops and smartphones, including up to $1,000 to replace or repair your items.
You can also get $1,000 to rent equipment if needed while traveling.
Travel Guard by AIG: Best for comprehensive coverage
Travel Guard offers comprehensive travel plans, including baggage insurance up to $2,500.
However, it’s also possible to add coverage for valuables, although Travel Guard might require an aggregate limit for all your valuables, like jewelry, furs, and electronics, and all items have a per-item limit.
Compare different plans and get a quote for add-ons for higher limits.
How To File a Claim for Valuable Items
To increase the chances of a successful insurance claim, follow these steps:
- Prepare records ahead of time: Make copies of your receipts and note serial numbers on your valuable items before you travel. Take pictures of your items and organize your records of ownership.
- Report it right away: If items are stolen, report it to local law enforcement and get a copy of your police report. If valuable items are in your lost baggage, file a claim with the airline and get a report.
- Record damage: If your valuable items were damaged, take pictures to document the difference. (Remember: Take photos before you travel, in case you need them!)
- Follow the claim directions: Ask your insurer about the claims process so you don’t accidentally miss any steps. Make sure to include supporting documentation, including pictures, receipts, and reports.
How to appeal denied claims
If your claim is denied, review your policy and read the reason why the claim was rejected.
Most insurers have an appeals process you can follow. You may need to provide additional documentation or a statement as to why you believe your claim should be honored.
You can also escalate your case to your state insurance commissioner if you believe your claim should have been honored.
Tips for Traveling Safely with Expensive Items
The best way to protect your valuables is to just leave them at home. But sometimes that’s not an option. Maybe you’re bringing sports equipment for your ski trip or camera gear for your travel blogging business.
If you do need to bring pricey things on your trip, there are steps you can take to protect them:
- Pack strategically: If they fit, keep valuables in your carry-on luggage. Use specialized cases for bulkier valuables that need protection from rough baggage handlers.
- Keep valuables secure: Use hotel safes and anti-theft bags for smaller items. Consider hidden compartments and wearable storage like money belts if it makes sense. Avoid leaving your gear unattended when possible.
- Keep proper documentation: All your valuables should be documented before you go. Keep a list of serial numbers in a secure place and consider storing pictures of your items in the cloud.
Note that the DOT has increased this limit to $4,700!
FAQs About Travel Insurance for Valuable Items
Can I insure a single valuable item separately?
Depending on the insurer, you should be able to insure a single valuable item separately. You can also check with your homeowners insurance to see if you can purchase separate coverage for a valuable item you bring with you.
How do I prove ownership of an item when filing a claim?
Save receipts for valuable items so you can prove ownership. Take pictures of the item. If there’s a serial number, keep a record of it.
Are rented high-value items, like cameras or sports equipment, covered under travel insurance?
Double-check your policy to see if rentals are included. They might not be included, in which case you might have to purchase separate insurance from the rental company.
TL;DR: Insuring Your Valuables for Travel
Standard travel insurance often falls short when it comes to protecting your expensive items.
Before jetting off with your heirloom jewelry or professional camera equipment, understand your policy's per-item and aggregate limits, document everything with photos and receipts, and consider specialized coverage options.
Organize documentation before you go, pack strategically, and make sure you have the appropriate insurance coverage so you’re financially protected if something happens.
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