Did you know that many homeowners and renters insurance policies do not cover your valuable jewelry, art, furs, or collections?
You may need an insurance “floater”, “rider”, “schedule”, or supplemental insurance to cover special items like wine collections, art, paintings, jewelry, furs, stamp collections, or other valuables. Many policies do not cover damage or loss of these items, and low amounts for theft.
Typical coverages provide compensation for the structure of your home, your possessions, liability, and expenses for temporary relocation in the case of an insured loss event. However, many policies only cover up to $1,500-$2,000 for the loss of jewelry. You can increase the amount of coverage for your homeowners or renters insurance policy, but there may be a limit on individual items.
Usually it is better to schedule valuables through a floater or rider policy. You should get an accurate appraisal by a certified appraiser who is approved by your insurance carrier. You may be able to obtain a lower rate if your jewelry is stored in a safe deposit box or home safe.
If you have questions about what your policy does or does not cover, or if you would like to know more about covering your valuables, speak to an expert at (800) 331-4700
