Erin Ray, Personal Lines Account Manager, explains how your jewelry and other valuables can be affected by the limits of coverage on your homeowner’s insurance policy.
The standard homeowner’s policy covers jewelry and other valuables such as fine arts up a specific limit for covered perils in your policy, such as fire. Most people aren’t aware that their homeowner’s policy has special limits of coverage for these same items when it comes to theft. Jewelry is most often affected by these limitations because coverage for theft is usually capped at $1,000 and most people own items that exceed this amount, whether it be an engagement ring, valuable watch or various items accumulated over the years. Scheduling your valuable items not only provides higher limits of coverage, but it also provides broader world wide coverage for these pieces. For example, after theft, mysterious disappearance is the most common claim involving jewelry, which is typically not covered by the standard homeowner’s policy, but if it was scheduled, it would be. For more tips like this, please visit us at www.mackoul.com.