Understanding what items would be covered under your homeowners or renters policy can be confusing. Your personal property limit may include coverage for valuable items such as jewelry or watches but usually only for the covered perils of the policy such as fire or theft. There are also special limits under most homeowners policies for theft of jewelry (usually $1,500) that can easily be exceed. Simply losing a ring while on vacation or having a precious stone fall out of a ring would also not be covered since it’s not a theft or a standard covered loss.
What are some options for covering my valuable items?
Depending on what insurance company you are with, there are options for insuring your valuable items. A common approach is to add “scheduled items” to your homeowners policy for an agreed value. This is most often done with wedding bands or engagement rings but can also include watches or bracelets. This usually removes any deductible and broadens the coverage to include almost any type of loss. If the item is stolen or simply lost, the insurance company will pay you the agreed upon value to replace the item with no haggling involved. The same type of coverage can also be obtained by taking out a separate special policy called a “Personal Articles Floater” or “Collections” policy. The only difference is the items are scheduled on their own policy which is separate from your homeowners coverage. Finally, one more option is to include somewhat smaller items under a blanket jewelry endorsement for a set amount (example: $10,000). This provides very similar coverage for a group if items you may not have appraisals or documentation for.
How much does the coverage cost?
Coverage for scheduled jewelry items can vary but a rough estimate is about $10 for every $1,000 of coverage. A $5,000 ring for example would cost about $50 per year to insure.
What things are typically insured as “scheduled items”
Commonly insured items include wedding bands, engagement rings and valuable jewelry like watches, necklaces or bracelets. You can also insure furs, electronic equipment and even bicycles.
Working with families as their trusted insurance advisor is what we do every day. Connect with us for an insurance review and to make sure your valuable items are covered.
Flury-Hinderks Insurance is an Independent Insurance Agency located in Overland Park and is a trusted advisor for thousands of families in Johnson County. Contact Flury-Hinderks Insurance today for a comprehensive insurance review.
