It’s that time of season and many folks are given expensive items that they’ve been waiting for all year.
These items can range from platinum diamonds to an expensive men’s gold Rolex watch that you’ve been eyeing for some time.
Thing is, if it were stolen, lost, or broken, what would you do? You sure wouldn’t want to replace that expensive item by buying another at full price! So what can you do?
Answer: Get it scheduled with your homeowner’s insurance!
The standard homeowner’s policy covers jewelry up to the limits for your contents for described perils in your policy, such as fire. The most common and likely claims put in on jewelry though are not covered by the standard homeowner’s policy…theft or mysterious disappearance. If one of these two events happens, the limit on most homeowner’s policy is only $1,000 per item with a total maximum of all jewelry lost to not exceed $1500. If one item is more than $1000 or you lost much more jewelry than the maximum of $1500, you’re under-insured and responsible for the difference.
The only excluded causes of loss that apply to scheduled jewelry are wear and tear, gradual deterioration or inherent vice, insects or vermin, war, or nuclear hazard. Much of our jewelry is made with gold. Over time gold will wear away. Picture a gold ring that is worn for a long period of time, it will have wear marks or will have completely cracked at the back of the ring. Scheduling jewelry will cover jewelry most of the time for the coverage is broad enough to allow for most events that may befall your jewelry … Jewelry is even covered for loss resulting from flood or earthquake. All your other belongings would need additional coverages to cover these perils.
Regardless of any situation, you should look into ensuring that your jewelry is protected as well.
Please contact us at Svendsen insurance (203) 397-3993 to get your jewelry scheduled or for more information regarding this topic today!