Many people spend thousands of dollars on beautiful jewelry but don’t take the time to find out how to insure it. And this can be a big mistake!
If you have homeowners or renters insurance, then your jewelry is covered as part of the contents of your home up to certain limits. But there can be problems…
We don’t know what it is worth. It’s hard to get the full value of your jewelry back if you don’t know all of the specifics! Weight, color, cut, size, and so forth are all factors in the value. Ten years from now you might not even remember how much you paid.
You probably have a large deductible on your homeowners insurance. Typically your contents coverage deductible is around 1% of your home value. So if your home is insured for $200,000, then your deductible is $2,000. If your ring is stolen, you’d be responsible for the first $2,000 before insurance kicked in!
But there is a simple solution to avoid all of these problems. Our homeowners and renters policies allow you to “schedule” jewelry for a small additional cost.
You bring in the receipt and appraisal of the item and we add all of that information to your policy. (Sometimes we don’t need all of this, just call us first and we can let you know.)
You will be charged based on the value of the item, but typically it’s less than $40 per year! (Sometimes much less, sometimes a little more. It all depends on how much insurance is required.)
Plus, scheduled items don’t require a deductible. So if your ring is lost or stolen, you pay nothing out of pocket but get to replace your precious jewelry.
So next time you open a jewelry box and put a sparkling diamond on your finger, make sure that you are insuring your investment.
Have questions about scheduling items on your homeowners insurance? Call us today for assistance! The Orrino Agency 215-710-0660