When you purchase homeowners or renters insurance, your “stuff” is covered, like the house you own and your furniture and fixtures inside of it, but is everything covered?
One of the most important items people want covered in their homes is jewelry, and most assume that your personal property limit provides coverage for such. While the policy does provide a small amount of coverage (typically $1,500 on a standard policy) it rarely fulfils an amount high enough to cover everything.
Your homeowners policy can be endorsed in two ways to provide jewelry coverage. First, you can endorse a higher limit. This is the cheaper option, but there is a limit per item. For example, you might raise the jewelry limit to $5,000, but you can only claim $2,000 per item.
The second option is to “schedule” each piece of jewelry. Accompanied by an up to date appraisal, this is the best method to ensure that you’re insured. It can be a little more expensive, but you have the comfort of knowing that if something happened to Grandma’s diamond brooch, or that expensive engagement ring you’re hiding, that you’re covered.
Jewelry is only one of the many items that can be scheduled on your policy, and as always this is an important topic you should discuss with your agent at The Coffey Insurance Agency.
Until next time…
