Did you unwrap your Valentine’s Day present to find jewelry inside? Many people enjoy receiving gemstones and precious metals as a symbol of love, friendship, or appreciation. While you appreciate your lovely gift, make sure you understand how your homeowner’s insurance protects your most valuable possessions.
How Does Homeowners Insurance Cover Fine Jewelry?
A standard home policy will cover your possessions in the case of theft or damage because of a covered hazard. Typically, your maximum coverage for the contents of your home is a percentage of the total coverage for your entire home. If you have your home covered for $300,000 and your home contents covered at 50 percent, you may have up to $150,000 in protection for most of the things in your house.
You should know that your policy limits for jewelry, antiques, artwork, and other luxuries could be much lower than the limits for other items in your house. You should take time to read the details of your own insurance contract because it may limit coverage for jewelry to as little as $1,500 to $2,500. In some cases, it may impose lower limits to jewelry lost because of theft than for jewelry damaged in a fire or windstorm.
How to Ensure Adequate Coverage for Jewelry
According to the Insurance Information Institute, you have two options to increase insurance protection for jewelry and other luxury items:
- Increase policy limits: If you just need to increase your limits slightly over your standard policy, you can contact your insurance company. For example, you might be able to pay a bit more to increase your limits from $2,500 to $5,000. You should certainly keep photos and documents of your valuables organized in a home inventory to make sure you can prove your losses to the insurance company if you need to make a claim.
- Add a floater policy: If you have a lot of value tied up in high-end watches, expensive jewelry, and other valuables, you may choose to purchase a floater policy. This kind of coverage will increase your protection and even cover certain incidents that your basic home policy may exclude. For instance, these policies can reimburse you if you accidentally leave your wedding ring in a hotel or drop a diamond stud down the drain. Before you buy a floater policy, you should ask your insurance agent to help you find a reputable appraiser.
We Can Help You Protect Your Valuables
Here at Overbay Insurance in Waynesfield, NC, we want to help you find the best solutions to protect all of your possessions. We can suggest the best kinds of coverage, acceptable appraisers, and affordable insurance companies. We will also suggest ways to gather and store documentation about your valuables to help make the claims process quick and satisfying. Contact us today to let us know what you need.