How is Jewelry covered on my home policy?

Описание: Steven Ladd
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Horan Companies, Inc
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Question #23 in the 100 insurance questions in 100 days series. By Steve Ladd of Horan Companies, Inc. in Baldwinsville, NY.

Jewelry, like a few other select items that you might own, is going to be covered on a homeowners policy to a very small degree, particularly as it relates to its possible value.
Let’s say, for example, you have a diamond engagement ring that is worth $10,000 or appraises for $10,000. Your homeowners insurance policy is probably only covering somewhere between $1500 to $3000 for any one piece maximum, minus your policy deductible.
In order to make sure that you’re properly protected and you’re fully covered for the piece that you have, what you’d want to do is something called scheduling the piece of jewelry. That means that you obtain either a recent appraisal or the receipt from when it was purchased, if it was a recent purchase, and then you’d contact the agency. What we would do is go ahead and add it to the homeowners policy and give it its own separate deductible. Oftentimes, people chose a much lower deductible, sometimes usually around $100 or $200 at the most. Then we can put it on there for its true value.
In that case, it’s covered on what’s called an open peril basis, which means you could lose the ring, you could damage the ring, and if any of those things happened, all of which would be covered.
The same goes for musical instruments, guns, fine arts, furs, stamp collections, and even hearing aids. All of those things can be put onto a homeowners policy if it’s scheduled appropriately and accordingly. Of course, it comes with its own premium.
If you’re ever interested in having us take a look at this, please give us a call and we’d be happy to do that for you.

136 W. Genesee St.
Baldwinsville, NY