You’re washing your hands and watch with horror as your multi-carat diamond ring slides down the drain. Or you return from vacation to discover that your Rolex watch has disappeared. It’s okay, you’re covered, right? Well, maybe not.
How much does a homeowner’s insurance policy cover in the event of a jewelry loss and in what circumstances?
A standard homeowner’s policy includes coverage for precious items including jewelry. Jewelry losses are covered by your homeowner’s insurance when they are due to events listed in your policy known as “perils” such as theft and fire. But be advised that if the loss is not the result of one of these listed perils, as in the two examples above, it won’t be covered.
It’s also important to know that certain types of coverage may be limited to a specified amount. Many people aren’t aware that theft coverage for jewelry is often limited to $1,000.
Do I need additional coverage and what’s the best way for me to purchase it?
If you have jewelry worth more than the limits of your policy, or if you wish to be covered for events beyond those of your standard homeowner’s policy, consider scheduling your jewelry on your policy.
Benefits of scheduling jewelry include:
- Higher coverage limits.
- Broader coverage including events such as disappearance or accidental loss.
- Homeowner’s Insurance deductible does not apply to scheduled pieces.
- Options to schedule only the most valuable pieces or all the jewelry you own.
Give us a call today to discuss the best option for you!