Does my Homeowners Insurance Policy cover jewelry?
Yes, sort of, a little. Most homeowner insurance policies limit coverage for personal valuables, $1,000 to $2,500 for all of your jewelry in the event of damage or theft.
This limitation can leave you far short of replacement value if your jewelry is lost or stolen. Other categories that usually have reimbursement limits include silver flatware, firearms, coins, stamps and furs. (Read the "contents and additional coverage" section of your policy for the details.) Accidental loss is generally not covered. So if you lose your engagement ring, you're out of luck.
Can I cover my jewelry to its full value?
After you've thanked your special someone for that extra-special holiday gift be sure to contact your insurance agent. You’ll have a couple of options. 1.) Raise the limit of liability within your policy. This is an inexpensive option; however, there are limits to the increased value, usually $5,000. 2.) Add a Personal Articles Floater: Describing & scheduling each piece for an agreed value. This may cost a little more in premium (approx. $20 per $1000), but it offers broader protection. This 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 insurance policy will not cover. Before purchasing a floater, the items covered must be professionally appraised.
Contact any of the professionals at our office for a review of your coverage and coverage options to better protect your possessions.