The holidays are typically busy and full of excitement and a break from our normal schedule. The last thing most of us (including me) think about is insurance. This is a helpful reminder and explanation of when and how to insure those new gifts. Jewelry is a very popular gift this time of year and one that is easily and inexpensively insured on your homeowners or renters policy.
Under a traditional home policy there is some coverage under contents but are limited in the causes of loss and are subject to a deductible. This can cause a problem when an item is lost or damaged in way not covered under a traditional home policy. Also, certain items like jewelry, fine arts, and guns have additional dollar limits on theft since they are more at risk than other household items.
Currently the trend on homeowners policy is higher deductibles like $1,000 which for these luxury or hobby items make it more of an issue to replace. If you are spending $1,000 for a new roof that easily justified every 20 years but spending another $,1000 on a ring or piece of photography equipment that is more painful.
The main reason to cover these specific items is the coverage is outstanding. I can currently insure jewelry at agreed value (you get the dollar limit that is listed on the policy) for almost anything that can happen to it including loosing it or throwing it away by accident both of which are the most common losses I see with jewelry. If you add in that its incredibly affordable at under $6 a year per $1,000 of coverage ($3,000 ring would be $18 a year).
The process of adding a scheduled item on your policy is easy and only requires an appraisal or bill of sale.
If you currently are looking to insure specific high dollar items like jewelry, fine art, musical instruments, guns, sports equipment or photography gear call us for more details on coverage options and price.