What You Need to Know About Insuring Jewelry

Insuring Jewelry Homeowners Insurance

Are your valuables covered with your homeowners insurance?

Looking around your house, do you own expensive items such as works of art, expensive sporting equipment, high-end musical instruments, or valuable jewelry? If this is the case, you may need to purchase a floater or additional insurance to ensure that these items are protected from perils.

All homeowners insurance policies have specific limits on what they will cover. When totaling up your belongings for your homeowners insurance, you may find that some of your more valuable items exceed the policy limit already set in your homeowners insurance. Many homeowners do not receive correct coverage for their possessions and are left heartbroken when they find out their home was damaged and that their beloved, first edition painting exceeded their policy limits. As a result, to repair or replace this valuable item would come directly out of the homeowner’s pocket.

One important limit is the theft of jewelry. A standard homeowners policy provides only around $1,000 to $2,000 for theft of jewelry. If your jewelry is worth a lot more, you should purchase higher limits or add an additional policy to cover expensive possessions. If your jewelry got destroyed in a fire, natural disaster, or was stolen, you can fall back on your policy for compensation, rendering your possessions protected.

If you’re hoarding your grandmother’s wedding ring in your attic, be sure to get it appraised. Precious metals and gems appreciate over time – you could be sitting on a pretty penny without even realizing it!

Valuable items such as paintings, electronic equipment, stamp collections, or art, may not be covered in your normal policy.

In order to apply for this coverage:

  • Obtain a current appraisal of each item.
  • Take a photograph of each item.
  • Make a photocopy of your original purchase receipt for each item, if possible.
  • Talk to your local insurance agent to obtain the right homeowners insurance for your items.

To get started to securing the right limits of your homeowners insurance in Phoenix, Arizona, contact the professionals at American Premier Insurance.