Should I Insure my Jewelry?
Most basic Homeowners policies will cover up to $1500 in jewelry. I don't know about you, but that would cover most of my jewelry. But that is the total amount for the policy. It isn't what can be paid out for each piece. So, in my case, I have my wedding rings "scheduled out" separately on my Homeowners policy. This means if my covered rings are lost or stolen, I will receive compensation for the Appraised amount, without diminishing the amount of my basic jewelry coverage.
This is the entire reason to have insurance in the first place. It is meant to "make you whole" again in the event of a loss. Your jewelry counts as a loss. But you need to make sure you have the right coverage. Check your Home policy. If you have just the basic coverage, again- it will cover up to $1500 on most policies. Some have what is called a Blanket endorsement, sometimes up to $50,000 for special valuables. But even these will only pay out up to $10,000 for one item. This may be adequate for many people. But is it for you?
Talk with your Insurance Agent (that is what they are there for!) about the possibility of Scheduling certain valuables on your Homeowners policy. It will entail providing a Certified Appraisal for covered items and paying extra premium. The extra premium isn't too much depending on the amount you are scheduling out. But know your choices so you can make an INFORMED decision!
Thanks for reading!
Nancy Brockman
If you have questions about your Home, Auto or Commercial Insurance,
please call toll free 877-987-8683 or click The Brockman Agency
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