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Should You List Jewelry on Your Homeowners Policy?October 24th, 2011 Noyes Hall & Allen
That was the most common question at Saturday’s Jewelry Checkup Event that we hosted along with Days Jewelers.
Does Homeowners Insurance Cover Jewelry?
In short: yes, but…
- Theft of jewelry is limited, usually to $1,500 or less.
- Your property deductible applies, usually at least $500, often more.
- Personal property is only covered for 16 “named perils” on the average homeowners policy. For example, ‘theft” is covered, but “losing” something is not. The 16 perils are fine for things like TVs and clothing, but not jewelry. Perils, like losing a gemstone aren’t covered.
5 Reasons to List Your Jewelry on Your Homeowners Policy
- The value is agreed to before a loss. Instead of having to prove the worth of your jewelry after it’s gone, you list each item with a detailed description and set a value on each piece. Items over $5,000 usually require a professional appraisal every 5 years.
- Broader coverage. Theft is covered; so is loss of a gemstone – even loss of an earring that’s discovered after you return from a night on the town, or an engagement ring lost at the beach.
- No deductible applies. You can save money on homeowners insurance by increasing deductibles without having to worry about paying for a lost earring or a missing gemstone.
- Preservation of limits for your other property. Unless it’s listed, your jewelry falls under your “personal property” limit, which is a percentage of your home’s building insurance limit. If you have a lot of expensive jewelry, even if it’s damaged by a covered peril like fire, you may not have enough “personal property insurance” to replace both your jewelry and your other belongings. Listing your jewelry separately saves that other insurance for your belongings.
- It’s affordable. Separately listing $5,000 of jewelry usually costs less than $40 a year.
Insurance companies call listing items such as jewelry, furs or fine arts separately on your homeowners policy “scheduling”.
Does your policy declarations page say “Scheduled Personal Property”?
If not, you may want to call your Maine insurance agency to add it.
If you are a Noyes Hall & Allen client, and want to add jewelry, you can request it here, or call the office at 207-799-5541.
If you are not yet a client, live in Southern Maine and have questions about homeowners, insuring an engagement ring, renters insurance or condo insurance, call Noyes Hall & Allen agent at 207-799-5541. We’re happy to help.