Sep 25
Jewelry Insurance
Every homeowner’s insurance policy has coverage for damage, theft or vandalism of your personal policy. It is also true that every standard home owner’s insurance policy has woefully inadequate coverage for jewelry that has substantial value.
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 of those limits 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: $1,500.
If you own valuable jewelry, there are ways that you can increase coverage. You can raise the limit of liability overall, through a rider on the homeowner’s policy. 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. If this level of coverage remains inadequate, the other standard option is insuring each piece – itemized on a schedule that is included in a floater policy, in essence a separate policy that provides adequate coverage for your valuables.
More after the jump…
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