Is Your Jewelry Covered in your Homeowners Policy?
Coverage in homeowners insurance varies widely and depends on the policy. But, is your jewelry covered in your Homeowners policy? Chances are, probably not.
According to the Insurance Information Institute, a standard homeowners policy covers possessions caused by the perils included in your policy, including fire, windstorm, theft, and vandalism. However, the problem is the amount of coverage. If you have a collection of fine art, or a beautiful array of expensive jewelry, chances are your homeowner’s policy isn’t enough to cover it.
You need special “floater” policies to insure that your possessions are fully covered. This coverage can include everything from your wedding ring, to heirloom pieces, fine art, or the diamond tennis bracelet you got for your birthday.
It does create a bit of extra work to get your valuables covered. You need to have them appraise regularly to ensure they are covered for the correct amount. Appraising a gold bracelet once, for example, won’t ensure that you have the proper coverage, as the price of gold can fluctuate over time.
High net-worth individuals need specialized coverage with floater plans designed specifically to protect their valuable assets. Coverage for your fine jewelry and art insurance can include itemized coverage for each item as well as pairs, sets, and collections, protection against breakage of especially fragile items, coverage for newly purchased items, replacement at full value, and worldwide protection.
At the Byrnes Agency, we can even help you obtain a certified appraisal to properly establish the actual value of your items. We’ll also show you how to maintain a photographic record of the items, and how to manage your collection so you ensure you are always properly protected. Contact us today for more information.