Do I Need Separate Coverage for Jewelry

Jewelry, as with other items that are generally stored in your home, should be included in your homeowners insurance policy. It is common for them to be included in a standard homeowners insurance policy, although, in some cases a separate policy rider may be required to get the appropriate coverage for your more expensive pieces.

 

Use an In-home Inventory to Include Jewelry on Your Homeowners Insurance

Your homeowners insurance policy will contain an area of coverage for the contents of your home. This is where you would include items such as jewelry if you wanted them covered by your policy. In this instance, you would perform an in-home inventory to determine the overall value of your jewelry and to provide a record to your homeowners insurance company in case a claim must be filed. This inventory will include a description of the jewelry as well as a photo, if possible, and an estimated value. If a receipt for purchase if still around, you should include that as well to further bolster your homeowners insurance claim.

 

Homeowners Insurance for Expensive Jewelry

jewelryMost homeowners insurance companies require that any singly piece of jewelry valued at over $1,000 be included as a scheduled personal property rider to be added to your homeowners insurance policy. This will require singular listing and a much more detailed description as well as a receipt and possibly a notarized appraisal. If the item you want to insure is extremely valuable, you may want to seek out specific jewelry insurance outside of your homeowners insurance policy.

 

From What Does Homeowners Insurance Protect Your Jewelry

A homeowners insurance policy can protect your jewelry from a variety of potential perils. A standard policy will generally cover all contents of your home, including expensive pieces of jewelry, against fire, theft, vandalism, falling objects and a several other general perils. If you have flood insurance, then your flood insurance policy will cover your jewels from flood damage. The same applies if you have special homeowners insurance to cover earthquakes, volcanic eruptions and severe storms (hurricanes, tornadoes).

 

Adding Jewelry to Your Homeowners Insurance Policy

When you add a piece of jewelry, especially an expensive piece over $1,000, you will need to immediately get in touch with your homeowners insurance policy to add it to the coverage. If the piece is less than $1,000, you may just need to add the listing to your in-home inventory and increase the coverage level to compensate. If the item will require a policy rider, then you need to furnish the necessary information, add the rider to the policy and include the amount you want the item covered for.

 

Getting Homeowners Insurance Quotes for Jewelry Coverage

If you are considering the cost of adding jewelry to your homeowners insurance, then getting a few online rate quotes will allow you to measure the cost. Measure that cost against a jewelry insurance policy from another insurer to find that best deal. In most cases, your homeowners insurance company will have the best offer because you already have a relationship with them and are benefitting from numerous homeowners insurance discounts. It is always important to keep your policy up to date and to get rate quotes regularly to be sure you are getting the most bang for your buck when it comes to your overall homeowners insurance coverage.

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