Your Homeowners Insurance May Cover partially What You’d Pay to Replace High-Value Watches, Rings, Necklaces, Bracelets and other Items.
Standard homeowners and renters insurance policies include some coverage for jewelry and other precious objects such as watches and furs. Like other possessions, high value items are covered for losses caused by all the perils included in your policy such as fire, storms, theft and vandalism.
However, there are special Sub-limits of liability for certain items, simply meaning that the insurer will not pay more than the amount specified in your policy. One significant limit is for the theft of jewelry. To keep coverage affordable, because jewelry can be easily stolen, standard policies have a somewhat low limit for theft coverage, generally $500.00 to $1,500.
If you own costly jewelry or other items that would be difficult to replace, there are two ways you can increase coverage: by raising the limit of liability, or by “scheduling” your individual pieces through the purchase of “Special” Jewelry Policy. Raising the limit of liability is the least expensive option in terms of insurance premium cost; however, there is generally a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000. We recommend buying a Blanket Jewelry policy which includes all your items, and in most cases the best value for your insurance dollar.
Choosing the right Insurance policy is personal. Our Blanket policy pays claims based on current Market value and is limited to the total limit you purchase.
Non-Scheduling each piece or item may cost more in premiums, but it offers broader protection because the Policy usually covers losses of any type, including accidental losses—such as dropping your ring down the drain or mysterious disappearance—that standard policies do not cover. All policies have conditions, limitations and exclusions. That’s why, when purchasing a Jewelry policy you should always work with a reputable broker like Bernard Fleischer and Sons. Insurance has grown increasingly complex over the years. There are literally thousands of insurance companies and policies to choose from, and new products are entering the market all the time. Plus, policies are often filled with disclaimers and insurance jargon that can confuse the average consumer. We can decipher the jargon and deliver the best protection for your valuables. For more information and a fast, free quote visit us at www.ArtInsuranceNow.com or call us at 1.800.921.1008