Jewelry is part of your personal property right?
This is a common question or statement we get quite often. Many consumers believe that jewelry falls under you personal property coverage on your home, renters or condo insurance policies.
Now, while the answer to this is yes it does, there are limitations on the amount of jewelry and what it is covered for.
Limitations
Every New York Homeowners Insurance policy has limitations when it comes to jewelry, along with other contents like silverware, guns, furs, stamps, coins, cash and business property.
Coverage will range from $1,000-$5,000 total for jewelry on your homeowner’s insurance.
Each of the other contents I mentioned have there own limitation numbers as well.
What’s Covered?
The standard coverage on your jewelry policy will cover against any Named Peril losses. This means that the jewelry that is stolen or damaged due to a fire is covered on your primary homeowner’s insurance.
But, the two most asked about or requested coverage’s when it comes to Jewelry are:
Lost
Broken
In order for your homeowner’s to cover your jewelry on an All Risk basis, which includes if you lose it or it gets broken, you will need to either schedule this on your homeowner’s insurance as an endorsement, or you will need to take out a policy called a Jewelry Floater.
Both are fine choices depending on how much jewelry coverage is needed and what the appraised value of the jewelry is.
What’s Next?
It is important to do what is best for you but one of those things is to make sure you are reviewing your insurance with an independent insurance agent.
To learn more and get a review of your insurance policies, click the button below.
