If your home is worth a lot of money, then you likely need high-value homeowners insurance. Also, because your benefits are designed to cover your higher-than-average property value, they will also include higher coverage for your personal possessions, including items like your jewelry. (The same goes for guns.)
Usually, jewelry is covered by homeowners insurance. However, all plans, including high-value policies will have limits to their coverage for jewelry. Therefore, it is important to work with your insurance agent to optimize your plan in a way that best insures these precious items. They are priceless to you, so why not give them priceless protection?
When Home Insurance Does not Cover Jewelry?
On one hand, jewelry
is usually insurable under both standard and high-value homeowners insurance. However, both types of plans include terms, conditions and limits on the jewelry coverage provided.
For example, if your rings slip off while you are taking a shower, and goes down the drain, your policy will not cover it. Loss in and of itself is general is not an insurable peril. Usually, your policy will only cover unexpected, unpreventable losses. Failing to take your jewelry off before a shower does not qualify.
Other Accidents Will Have Coverage
Though jewelry loss is typically not covered by homeowners insurance, there are numerous other scenarios where you might have coverage. Let us consider your home being gutted by a fire, and your jewelry being destroyed. Or, what if a thief breaks in and makes off with your jewelry? Shouldn’t you be able to replace it? With these unexpected circumstances, your home insurance will cover the loss of your jewelry.
Keep in mind that even home insurance coverage will have its limits. For instance, even high-value home insurance policies might place a sublimit on how much they will pay for jewelry. Even though you might have $100,000 in total possessions coverage, jewelry might be limited to only $10,000 worth of coverage. Is this enough for you? Let us look over your policy and make sure you’re covered.
Getting Coverage for Jewelry
When insuring jewelry under your home insurance, first look at your standard benefits. Let your insurance agent, help you determine where you lack essential coverage. We can then help you determine the best course of action to expand your benefits appropriately.
A scheduled jewelry endorsement
will insure your specific pieces individually, at their unique values. Therefore, in the event of a jewelry loss, you will have benefits tailored to each item’s worth. Keep in mind, premiums and deductible rules might vary.
With very valuable jewelry, a specific jewelry policy might come in handy. It can often cover some or all the cost of the lost item as a result of a very wide range of damage. Some policies include extended benefits for jewelry loss.
Brick Insurance Group
will put you in line with an agent to find out about the best way to insure your sacred belongings. Let’s build something together!