What You Need to Know About Insuring Jewelry

Are your valuables covered with your homeowners insurance?

Many of us own more jewelry than we know. From rings to necklaces, flashy watches and pricey earrings, there can be an abundance of expensive pieces in our homes. Have you forgotten about your grandmother’s engagement ring in the attic? Or your father’s pocket watch? If you don’t properly protect these items, you may be leaving them vulnerable to damage and loss.

But homeowners insurance policies cover your belongings, right? Only up to a certain extent. All homeowners insurance policies have specific limits on what they will cover. When totaling up your belongings for your homeowners insurance, you may find that some of your more valuable items exceed the policy limit already set in your homeowners insurance. Many homeowners do not receive correct coverage for their possessions and are left heartbroken when they find out their home was damaged and that their beloved piece of jewelry exceeded their policy limits. As a result, to repair or replace this valuable item would come directly out of the homeowner’s pocket.

One important limit is the theft of jewelry. A standard homeowners policy provides only around $1,000 to $2,000 for theft of jewelry. If your jewelry is worth a lot more, you should purchase higher limits or add on a floater to cover expensive possessions. If your jewelry got destroyed in a fire, natural disaster, or was stolen, you can fall back on your policy for compensation, rending your possessions protected.

If you have special pieces, be sure to get them appraised. Precious metals and gems appreciate over time, so you could be sitting on a pretty penny without even realizing it!

Valuable items such as paintings, electronic equipment, stamp collections, or art may not be covered in your normal policy.

In order to apply for this coverage:

  • Obtain a current appraisal of each item.
  • Take a photograph of each item.
  • Make a photocopy of your original purchase receipt for each item, if possible.
  • Talk to your local insurance agent to obtain the right homeowners insurance for your items.

To get started on a homeowners insurance policy that will protect your possessions, visit the industry experts at Kurt Rolf Insurance Agency, serving Minnesota, Wisconsin, Florida, South Dakota, and Arizona.