What happens if you are on vacation and your home is burglarized and your jewelry is stolen? What if there is a fire and damages your jewelry?
Your homeowners, condo, or renters insurance should help! Or will it?
Quite often your homeowners or renters insurance has personal property coverage, but there are usually limits to what it will cover. If you have personal property coverage, you probably have a limit of protection for your jewelry, but is it enough? On your homeowners, renters, or condo insurance there is typically a cap for all your jewelry of about $1,000 to $2,000 limits of covered perils if your jewelry is lost or damaged. When your standard coverage for your jewelry is not enough, scheduled articles/items policy can help you protect the items you cherish and love. Scheduled articles/items can cover losses that a homeowners or renters may not, for example, if the stone falls out of its setting, it can provide coverage for that loss.
How much is all your jewelry worth?
It is important to determine the value of the pieces you want insured; some precious stones and metals increase in value over time. Getting an appraisal can help determine the worth of the item(s) and some companies may want to keep record of the appraisal. If your jewelry is worth more than the limits are on your homeowners, condo, renters insurance, you may want to consider getting your jewelry insured!
Do I need a completely new policy?
No! You can have an endorsement added to your existing policy to increase the limits/add extra coverage to your cherished belongings.
Contact us today to learn more about protecting your jewelry!