Could $2,500 or $5,000 replace all your jewelry?

February 6, 2017

Most homeowner’s insurance policies place limits on specific items such as jewelry, paying a maximum of $2,500 to $5,000, in the event of a loss or theft. The limit largely depends on the insurance carrier and is often not something insured’s realize until they experience a loss, which is too late.

This gap often leaves the insured with a significant valuation gap between lost/damaged goods and reimbursement. Review the contents and additional coverage section of your policy for details.

Categories with reimbursement limits may include:

• Jewelry
• Firearms
• Sterling Silver Flatware
• Coins/Currency
• Furs

*Artwork and other rare and precious items that may not be replaceable can often be scheduled.

Most people tend to find this additional coverage is available at a reasonable price, which adds peace-of-mind. Insurance carriers charge an average of 85 cents per $100 of coverage for jewelry kept at home and 35 cents per $100 for items kept in a vault. Revisit your coverage levels on a regular basis, every other year or so, or as you make major purchases.

To ensure that you are protected in case of loss as well as theft, contact your insurance agent and ask to review or add a rider to your policy (or to schedule) the items. You may need a written appraisal, although a detailed receipt may be accepted. Once you set a value and schedule the item, you are covered for the full amount if it is lost, stolen or destroyed. To ease the burden during the claims process, there is often not a deductible for scheduled items.

Contact your service team at RRA to discuss your specific needs or to review or safe-guard your jewelry, and other treasured pieces noted above. Message Us