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Valuable Items

Valuable Items Coverage

valuables coverage

The most common form of additional coverage needed for the home policy is jewelry. Like most people, you may think that your homeowner’s policy fully protects you from theft, damage or disappearance of jewelry and other valuable items. All home policies limit the amount of coverage for jewelry, and it is rarely enough. The amount varies by company, but is typically either $1000 or $5000 per loss. Does that cover what you have?

Jewelry coverage is also the most expensive of the valuable items coverages to purchase. Costs vary by company, but generally run between $10 to $15 per $1000 of coverage. Some companies require written appraisals to insure jewelry items and some companies will accept an estimate of value with description.

Are You Sure That Your Valuables Are Fully Covered?

There is also blanket jewelry coverage available with most companies. This is ideal for those of us who don't have large jewelry collections, but rather several pieces acquired over time that add up. Blanket jewelry can be purchased by the $1000 for whatever limit you need. No appraisals or lists are submitted, but the value of the stolen piece is determined at the time of loss. This allows for flexibility (up to the amount purchased) to allow for changing values on gold and precious stones.

If you have a large amount of jewelry, premium credits may be available to reduce the price based on your lifestyle. For instance, a home safe can often reduce the cost by 5%. Also, jewelry kept in a bank safe deposit box costs only $3 per $1000 of coverage, and allows for a couple of out of vault uses per year.

Protect Your Personal Property

Other categories of personal property that may need to be covered on a valuable items policy due to limitations on the home policy are furs, silverware, collectibles, guns and wine collections. Many of these categories can also be handled with blanket coverage, which greatly simplifies the process for both of us!

Insurance companies no longer offer coverage for bicycles and hearing aids, though there are a few lucky souls out there that have "grandfathered" coverage.

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