TUESDAY, NOVEMBER 29, 2022
When you own valuable pieces of jewelry, securing the proper insurance is essential. These items are often expensive to repair or replace and the right coverage can provide crucial financial protections if your jewelry is damaged, lost or stolen. While home insurance may offer some protection, it may not be complete.
The experienced professionals at Hill & Stone Insurance in Lake Bluff and Wilmette, Illinois, can help you obtain the insurance that provides coverage that best addresses your needs. Contact us today to get started.
What Coverage Does Home Insurance Offer for Jewelry?
Standard homeowners insurance generally provides coverage for jewelry but with limitations. For example:
- Policies typically provide coverage for losses due to covered perils (e.g., fire). This may not adequately cover the various risks that may impact jewelry. For instance, a standard homeowners policy may not cover the mysterious disappearance of jewelry (e.g., when it is lost without a known cause) or other accidents that damage jewelry.
- Since jewelry is relatively easy to steal, a standard homeowners policy often reflects this by providing a lower coverage limit (e.g., $1500) for losses due to jewelry theft.
Additionally, claims filed on your standard homeowners insurance are typically subject to your policy’s deductible.
For extra financial protection, policyholders may secure higher personal property limits or add a scheduled personal property endorsement to their homeowners insurance. A personal property endorsement allows jewelry to be itemized and insured under a separate limit from other belongings and may offer coverage for more perils (e.g., misplaced items). Additionally, this endorsement, also known as a floater or a rider, may be available with no deductible.
Are Separate Jewelry Policies Available?
Specialized jewelry policies may be available for various types of jewelry. These can offer advantages over adding endorsements standard homeowners insurance. For example, with a separate policy, you may be able to avoid submitting claims on your homeowners insurance for jewelry losses. Generally, a jewelry insurance policy provides coverage for the following:
- Mysterious disappearance
- Accidental damage
- Losses due to cover perils (e.g., fires)
Contact our agents for additional details on terms, limits and exclusions and to discuss how settlements are calculated.
How Do I Get Insurance for My Jewelry?
Each individual’s insurance needs vary depending on several factors, including the items you are insuring and their value. How often you use your jewelry and how you store it may also impact your decision.
The Hill & Stone Insurance team can review the available options and help you get the optimal coverage. Contact us for more information.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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