Your mother’s engagement ring. Your grandfather’s gold watch. The diamond earrings your husband gave you for Valentine’s Day… What would you do if you lost them? Precious treasured items should be insured against loss, particularly jewelry which can be easily lost or stolen.
Standard homeowners’ and renters’ insurance policies typically include some coverage for jewelry and other precious items such as watches, fine arts and collectibles. Like other belongings, high value items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism.
However, there are special limits of liability for certain items, meaning that the insurer will not pay more than the amount specified in the policy. One important limit is for the theft of jewelry. To keep coverage affordable, standard policies have a fairly low limit for theft coverage, typically at or about $1,500 per item. (Please review your policy for specific limits.)
If you own valuable jewelry or other items that would be difficult to replace, you should contact us to learn the details of your options such as scheduling specific items. This article on Liberty Mutual’s blog provides some helpful tips about scheduling jewelry and other valuable items. If you aren’t sure whether you should purchase floater policies for your valuables, give us a call and we’ll be happy to help.
