Is your jewelry properly covered?
A standard home policy covers your personal property for 50% to 70% of the replacement cost of your home. For example, if your home is insured for $300,000 you will have between $150,000 to $210,000 in coverage for your personal property.
Unless your last name is Rockefeller you probably think you have more than enough coverage for your jewelry.
This is most likely not the case however because a standard home policy limits the amount of coverage you have for jewelry to between $1,500 and $2,500. For many people this is not nearly enough.
The solution to this problem is to add a schedule or jewelry rider to your home policy.
A schedule lists each piece of jewelry you wish to insure at a specific value.
You will need to provide a recent appraisal or detailed receipt for each item on the schedule.
The approximate cost to schedule items is 85 cents per $100. For example, a $10,000 engagement ring will cost $85 per year.
There are additional advantages to scheduling your jewelry.
- Your items are now covered not only for destruction and theft but also loss. When you get home from the beach and find that the diamond on your engagement ring has fallen out of the setting you are covered.
- The claims process is simplified because you and your insurance company have already agreed on the value to be paid.
- A deductible is not applied for a scheduled item loss.
If you feel you need to add a jewelry schedule to your home policy please call our office so we can guide you through the process.