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Bling! Is your jewelry covered by home insurance?

Depending on your policy, these items may not be covered or the limits of coverage may not be enough to replace them.
3/19/2012

Your great grandfather’s pocket watch. Your grandmother’s engagement ring. Your mother’s pearl earrings. Your favorite gold bracelet. These items have both emotional and monetary value. What would you do if they were lost or stolen?

 

Hopefully you carry homeowners or renters insurance, but, depending on your policy, these items may not be covered or the limits of coverage may not be enough to replace them.
Typical homeowner’s policies are broad and can contain limited coverage for occurrences such as loss, breakage, theft, and natural disaster.
Review your coverage on a yearly basis. Valuable items can carry sublimits that can restrict reimbursement to as low as $1000. Then, your deductible still applies, further limiting compensation. If determined appropriate, you can purchase a rider, an insurance policy extension that covers particular items.
To back up any claims, document and appraise your jewelry so that is always insured to the appropriate level. A good replacement value appraisal includes accurate measurements, weights, identity and grades, a narrative description of the item and a digital photograph, as well as the appraiser’s opinion of the current cost to replace the item. Keep this appraisal, any store receipts, in your home inventory and always share the information with your insurance agent. The cost of an appraisal is based on time, so the number and complexity of your pieces determines the overall price.

Don’t be disappointed. Prepare for the unexpected. Consult your independent insurance agent to determine if you need a valuable items policy that better suits your individualized needs.

 

“The information on this site is general in nature. Any description of coverage is necessarily simplified. Whether a particular loss is covered depends on the specific facts and the provisions, exclusions and limits of the actual policy. Nothing on this site alters the terms or conditions of any policies, nor does it provide any guarantees. You should read your specific policy for a complete description of coverage.”

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