Jewelry protection and your homeowners insurance policy

We help many residents with their homeowners coverage and we always like to have a conversation about their jewelry.

Why?

Most customers just assume all of their jewelry is covered for any type of loss.

Unfortunately it is not.

Most of the homeowners insurance companies writing new policies in Louisiana have a minimum sub limit of coverage for jewelry and most policies do not cover for “mysterious disappearance”

jewelry insurance

How much jewelry is covered under my policy?

Under a standard HO-3 policy, the policy will provide coverage for jewelry with limits of $1000 for any one item, with a maximum of $1500 for all jewelry in a single loss.

If your home is burglarized and a watch valued at $1700 and a diamond ring valued at $6200 are stolen, your policy would pay you $1,500 total on the claim.

 

What is”Mysterious Disappearance”?

That is usually when you can’t remember where you put your diamond ring.

Your forget your watch at the hotel pool when you go up to your room. It is no longer waiting for you at the pool.

Lost or Mysterious Disappearance is not covered under a standard homeowners policy unless endorsed,  but most companies don’t offer it, but some companies do.

It is important you discuss your policy with your agent.

 

What can you do to get your jewelry covered?

 

You have two options.

 

1.  You can schedule all jewelry on your homeowners policy and submit an appraisal.

 

2.  Purchase a stand alone jewelry policy.

 

We offer stand alone policies for 

  • jewelry
  • guns
  • collectibles
  • collections

 

Due the low minimum premiums and basically “all risk” coverage policy form, I believe it is a better option than making a claim on your homeowners policy.

I would reserve homeowners claims for large losses such as a hurricane or a fire.

What about an appraisal?

If the items are currently scheduled on a homeowners policy or a stand alone policy an appraisal is not needed.

If the items are currently not insured, we would need a current appraisal.

 

World Wide Insurance Protection Coverage

If you buy a stand alone property policy for your jewelry, your property is protected up to full appraisal value for all risk coverage anywhere in the world.

Lost Rolex watch at the hotel swimming pool?

Items stolen from your hotel room?

Covered?

Yes.

 

What’s this all about?

Do not just assume all of your personal items are covered.  

Most policies may only allow a sub limit of $1500-$2500 for theft of any one item.

Would that be enough?

For less than a few hundred dollars a year, you should consider a stand alone jewelry policy to cover your most valuable items.

 

And you can add other valuables to your policy such as

 

Fine Arts (fragile, non-fragile, unscheduled) 

Antiques, books, china, crystal, collectibles, fine arts, furniture, glass, lithographs, mirrors, rugs, tapestries, paintings, pictures, sculptures. Both Fragile and non-fragile fine arts are eligible.

Furs      

Cameras *

Cameras, projection machines and audio visual equipment for personal use. Professionally used items are not eligible.

Sporting Equipment *

Non-professional use of sporting equipment such as golfer’s equipment and other sporting equipment.

Musical Instruments (non-professional) *

Pianos and other musical instruments used personally and predominantly at the residence. Professionally used and touring instruments are not eligible.

Silverware 

Silverware and related items.

Postage Stamps Postage Stamps and related items.

Rare Coins & Collections 

Coins (including gold and silver), baseball cards, comics, LP’s and other similar collections.

Computers & Media *

Computers, laptops, and media for personal use. Professional/business used items are not eligible.

Wine

Wine and similar collections of alcohol.

Golf Carts *

Golf Carts

Guns/Firearms

Guns and firearms that are part of a collection.

Bicycles *

All types of bicycles

Other Miscellaneous Items  

Valuables and collections that do not fit into the above categories

 

What’s this all about?

Give us a call and we can get you an estimate on your valuables or collection.

The proper protection is what you need.

Don’t depend on your homeowners policy to cover everything you own just because you keep it inside your house.

 

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