Is your jewelry covered?
Do you think your jewelry is automatically covered under your homeowners, condo, or renter’s policy? Think again. Most policies have an internal maximum limit among other exclusions. It’s important to talk to your agent about these limits.
Under the standard policy, there is an “Internal Policy Limitation” (maximum coverage) allowed for unscheduled items, restricted to loss from theft. Each policy is slightly different, so be sure to talk to your agent to find out exactly what’s covered and what’s not.
Once you’ve determined what limits your policy has, talk to your agent about your jewelry. How much is it worth? How many pieces do you have? Could you afford to “self-insure” the items?
There are a few different ways to cover your jewelry.
The first way is to have your agent submit changes to your policy to increase the internal limit of coverage. For example, if your internal policy limit was $1,500 and your agent increases that limit to $5,000, then you have $5,000 worth of coverage (subject to your policy deductible and other policy limitations).
The next way to insure your jewelry would be to get blanket coverage. This is especially valuable to clients who have many jewelry items but don’t necessarily want to insure them each on an individual basis. A blanket jewelry policy allows for a general blanket limit and a per item limit. For example, you can purchase a $30,000 jewelry blanket with a $5,000 per item limit. This means that you have up to $30,000 in coverage but the most you will receive for any one item will be $5,000.
The last way to add jewelry coverage is to obtain a schedule policy. This means that each item is covered for it’s exact value and not subject to a deductible. This is the most expensive way to insure your jewelry, but it’s also the only way to ensure that each item is completely covered.
As mentioned above, each policy is a little different, so be sure to talk to your agent! You can always find us here at www.alandale.com, by phone at 562-493-3521, or in the office!