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Personal Property (2)

Tuesday, 21 January 2020 20:50

Are Your Valuables Covered? Maybe Not.

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Updated January 31, 2020 at 4:15 p.m.

Protect Your Most Valuable Belongings

If you own your home (or have a renters policy), you might be surprised to learn that your standard homeowner's insurance policy doesn't cover the total loss of your most expensive possessions. Most homeowners' policies offer limited coverage for personal items such as jewelry, musical instruments, sporting equipment, cameras, and computers.

 

Standard Homeowners Insurance Does Not Fully Cover Expensive Jewelry & Valuable Items

Standard homeowners and renters insurance policies include coverage for personal possessions such as jewelry, but many policies limit the dollar amount for theft of valuable items. When jewelry is lost or damaged due to theft or fire, it may not be covered — many times it's excluded. Homeowners' policies generally have a $1,000 or $1,500 maximum coverage amount for jewelry loss due to theft. Therefore, when jewelry valued at $3,000 is stolen from your home and you only have a $1,000 limit, you’d only receive $1,000 of the $3000 needed to replace those items.

You may think that a homeowners insurance policy provides adequate coverage for all your valuables, but policies may provide limited or no coverage for certain items — including generally expensive items — that are damaged or stolen.

For example, many homeowners policies generally have a $1,000 or $1,500 coverage amount for jewelry if the loss is due to theft. Such limits are in place to help keep homeowners policies affordable. However, if jewelry valued at $2,000 is stolen from your home and you have a $1,000 policy limit, you can only receive $1,000 from your insurer to replace the missing items.

That is when an insurance endorsement (sometimes called a rider) can provide increased coverage for your possessions. For an additional premium, this coverage can help protect you from the loss of high-end valuables such as jewelry, furs, antiques, artwork and collectibles.

Here are five tips that may help you decide whether you need valuable items coverage.

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