Who wants that uneasy feeling of knowing your personal valuable items may be at risk? Whether it’s your jewelry, electronics, sentimental artifacts or anything of value, protection should follow. Keeping your valuables safe and locked up is smart, having financial protection such as an insurance policy is beyond smart. Insurance carriers that we represent offer cheap and worry free options to give you peace of mind.
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Why do I need extra coverage for jewelry and other valuables?
A standard homeowner’s policy includes coverage for jewelry and other precious items such as watches and furs. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism.
However, there are special limits of liability for certain items, meaning that the insurer will not pay more than the amount specified in the policy. One important limit is for the theft of jewelry. To keep coverage affordable because jewelry can be easily stolen, the standard policy has a relatively low limit of liability for theft, generally $1,500.
If you own valuable jewelry or other items that would be difficult to replace, there are two ways you can increase coverage: by raising the limit of liability or “scheduling” your individual pieces through the purchase of “floater” policies. Raising the limit of liability is the cheapest option; however, there may be a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000.
Scheduling each piece or item may cost more in premiums, but it offers broader protection because the floater covers losses of any type, including accidental losses, such as dropping your ring down the drain of the kitchen sink or leaving an expensive watch in a hotel room that your homeowner’s insurance policy will not cover. Before purchasing a floater, some items may require a professional appraisal. The cost of this service varies depending on where you live.