Jewelry…Is Yours Completely Covered?

Should You Get Coverage for Jewelry?
For many people, the past holiday, Valentines Day and jewelry go hand in hand. Did you know that your homeowners or tenant insurance may not provide enough coverage for you to replace these gifts in the event of a loss?
Does Your policy Have Coverage?
Yes, but it is up to a limit. So, these limits vary from company to company and from package to package. One thing is for certain. The insurance companies have special limits on things like jewelry. This means they have a maximum set to pay in the event of a loss subject to your deductible. The common range for jewelry limits will be between $3,000-$6,000. This limit would include all of your jewelry.
What Should You Do If Your Jewelry is Worth More?
Easy, first, you should call your broker to see exactly what your special limit is for jewelry. If confirmed that you do not have enough coverage, you can always schedule these items on a personal floater. While you will pay extra to have this coverage, you will know that your valuables are insured.
When scheduling your items separately, you will be able to select your deductible and can sometimes select a $0 deductible as well. These are all options you can discuss with your broker who will help you make the best decision.
As a result, getting these items may involve getting some appraisals. It also may have you needing to provide pictures of all the items as well. The best thing to do will be to call your broker, who is an insurance professional. They will be able to guide you through the process.
If you would like more information, please give us a call or email, and one of our specialists will assist you!