As the Winter Olympics roll on in Sochi, U.S. athletes continue to collect medals in a variety of events. The question remains: What happens to those medals after the games end? Some, of course, are taken home and shown off, some are cherished and forever locked in a safe deposit box, and some are donated to charity or for display in museums.
What would an athlete do if his or her medals were lost or stolen? Replacing a medal isn’t simple. Before this year, an Olympian with a lost or stolen medal would be responsible for navigating the difficult process of applying for a replica, paying $500 to $1,200 out of pocket to have it made, and keeping it safe from harm.
Previously, Olympians and Paralympians would have to rely on their homeowners insurance to pay for the cost of replicating their lost, stolen, or damaged medals. Standard home insurance policies do cover damage or theft of your possessions, even if you store them outside of the home. The problem is that your policy typically has strict limits for high value items (Olympic and Paralympic medals, for example), sometimes as low as $200 per item.
In January 2014, Liberty Mutual announced a partnership with the U.S. Olympic Committee to insure all medals won by American athletes in both the 2014 Winter Olympics in Sochi and the 2016 Summer Olympics in Rio de Janeiro, as well as the Paralympics Games in the respective years. The provider will cover each Olympic and Paralympic medal for up to $5,000, which factors in both material and labor costs, according to Today.com.
Covering other valuables
But what about the rest of us: How can we protect the important things that we earn? No matter what high value items you treasure (expensive jewelry, art, sports equipment, or electronics), make sure to cover them properly.
To do so, consider purchasing a policy endorsement, a personal articles floater, or a collectibles policy. Each additional coverage has its own pros and cons, but all can work to better protect your treasures, medals and golf clubs alike.
To start, take a home inventory and review your policy. If your valuables exceed policy limits, talk to your agent about adding more protection. Even if we’re not the world’s best athletes, we still have many things that matter to us.
By considering extra protection, you can better protect those things, whatever they may be.