Home Insurance: Do I need separate coverage for jewelry?


Homeowners Basics ........................... Buying and Saving Money How much homeowners insurance do I need? How much will it cost How do I pick an insurance company? How do I get the proper coverage? Why insurance costs so much? How much will it cost? Do I need separate coverage for jewelry? How can I save money? How do I maximize my savings? What information do I need to provide to my agent? What if I can't get coverage? How often should I review my policy? Should I purchase an umbrella liability policy? How do I value my home properly? ........................... Help! I have to file a claim ........................... Home Owners Tips

			Home Insurance - Do I need separate coverage for jewelry?

			A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. However, there are special limits of liability for certain items, meaning that the insurer will not pay more than the amount specified in the policy. One important limit is for the theft of jewelry. To keep coverage affordable because jewelry can be easily stolen, the standard policy has a relatively low limit of liability for theft: $1,500. If you own valuable jewelry, there are two ways you can increase coverage: by raising the limit of liability or “scheduling” your individual pieces through the purchase of “floater” policies. Raising the limit of liability is the cheapest option; however, there may be a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000. Scheduling each piece may cost more in premiums, but it offers broader protection because the floater covers losses of any type, including accidental losses—such as dropping your ring down the drain of the kitchen sink or leaving it in a hotel room—that your homeowners insurance policy will not cover. Before purchasing a floater, the items covered must be professionally appraised. The cost of this service varies by county or region according to the risk of theft.

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