If your jewelry is damaged as a result of a house fire or another issue covered by your policy, your homeowner's insurance will cover the cost of repairing or replacing it. However, a typical home insurance policy limits coverage for jewelry, watches, and precious and semi-precious stones that are stolen to $1,500.
You can get additional jewelry insurance to keep the luxury pieces in your collection safe and protect their value.
Is jewelry covered by homeowners insurance in this article?
How to purchase jewelry insurance Tips for protecting jewelry Frequently Asked Questions Is jewelry covered by homeowners insurance?
If your jewelry and watches are damaged as a result of a loss that is covered by your homeowner's insurance, such as fire, theft, or vandalism, they will be covered.
However, if you have expensive items or a large collection, it might not be prudent to rely solely on that coverage.
According to Scott Hammersand, a licensed personal insurance advisor and certified personal risk manager at Overmyer Hall Associates in Columbus, Ohio, "most of these insurance policies have specific limitations on certain listed items, and jewelry is almost always included."
According to Hammersand, limitations frequently set dollar limits on coverage per occurrence or item. Additionally, they limit the types of losses covered.
For instance, theft liability is typically limited to $1,500 under standard policies. That's fine if most of your jewelry is costume jewelry; however, if someone steals the $10,000 worth of pearls your great aunt left you in her will, that could be a problem.
Adding a floater policy to your homeowner's insurance or purchasing a separate jewelry insurance policy can help you fill in the gaps in your coverage.
What is insurance for jewelry?
A jewelry insurance policy protects you from financial loss in the event that your jewelry is lost, stolen, or damaged as a result of one of the scenarios listed in your policy.
For an additional fee, you can purchase jewelry insurance on its own or as a rider or floater to your existing homeowner's insurance. How many pieces you want to insure and how much each one costs will largely determine which option is best for you.
How does insurance for jewelry work?
When it comes to purchasing jewelry insurance, you have three choices:
A standard home insurance policy; Adding a floater or rider to your existing home insurance policy; Buying a separate jewelry insurance policy.
What distinguishes scheduled coverage from general coverage?
When you add a floater or rider to your homeowner's policy, your insurance company may give you the option to schedule each item individually or buy blanket coverage.
How the two differ is as follows:
Total coverage: You only have one rider that covers all of your jewelry up to a certain limit without a deductible.
Scheduled individual coverage: You have a rider that provides coverage based on the value of each piece of jewelry.
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