A homeowners policy covers your jewelry, right? Sort of…
Standard homeowners, condominium or renters insurance policies include a limited amount of coverage for jewelry and other valuable items. To properly protect certain types of valuables, you can purchase additional coverage a few different ways.
Endorsements are additions to your homeowners, condominium or renters insurance policy that change or add to the policy. The endorsement can cover property otherwise excluded from a basic homeowners insurance policy, extend the number of perils (something that causes loss or destruction) included, or increase the amount paid for a covered loss. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value.
To determine each item’s value, insurance carriers typically require an appraisal or sales receipt. This will help ensure the amount of insurance is enough to cover the repair, replacement or cash payment of the item if there is a loss. Scheduled jewelry and other items are typically not subject to the policy deductible…another bonus.
A floater is a separate policy to cover valuables instead of covering them within your homeowners polciy.
Scheduling your valuables with an endorsement or floater is the critical first step. It is important to periodically review your policy to update your coverage, ask if new appraisal are needed, and add any new items. These periodic check-ins will help ensure you’re not underinsured when you need the policy most…at the time of a claim.
The Cost of Coverage
The cost of coverage varies upon the item, but typically very affordable. Our personal insurance team can provide you with more information about coverage and costs of scheduling an item. Contact us today to get started.