Whether it’s a romantic proposal in a winter wonderland or a precious gift under the tree, if you are the lucky recipient of fine jewelry this Christmas, let’s talk!
Most people assume that their belongings are automatically covered on their renter’s, condo or homeowner’s insurance. And, frankly: Who unwraps a present on Christmas morning and immediately thinks about how it will affect their insurance? (We admit it: Not even us, and we are passionate about insurance!)
However, valuables, including collectors’ items, fine art and jewelry, are subject to certain limitations on a standard homeowner’s policy.
Contracts vary, so you might wish to consult your insurance agent or study your insurance policy contract, but the average coverage for jewelry generally extends to $3,000 for the combined value, capping individual items at $1,500.
That means that your $5,000 anniversary ring may not be fully covered!
And, if the item is ‘simply’ lost (instead of definitely stolen, destroyed in a fire or otherwise damaged in a covered peril), a standard homeowner’s policy may not provide any coverage at all.
This is why we highly recommend a Jewelry Endorsement to protect your fine jewelry.
A jewelry endorsement can be purchased per item, and is specifically matched to the appraised value of the piece. This is especially important if the item is valued at $1,500 or more. Typically, the cost to insure a high-value piece runs about $12 per $1,000 value.
A jewelry endorsement also protects your precious ring, necklace or other “bling” against perils like “mysterious disappearance” or the loss of a stone from its setting — losses that would be excluded on typical homeowner’s insurance policy.
If none of your jewelry items exceeds the individual value of $1,500, you might still wish to add the ‘Special Form Endorsement’ to your homeowner’s or renter’s policy to protect your jewelry against these common losses.
Please click here for more information, or give our office a call at 425-379-9200.
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About McClain Insurance – www.AutoHomeBoat.com
McClain Insurance Services is an independent insurance agency located in Everett, WA. The agency has represented a number of regional and national insurance companies (including PEMCO, Safeco, Travelers and Progressive) since 1977.
Independent agents work with you to customize an insurance plan that meets your needs and fits your budget. They can help with all your personal insurance needs: Auto, Home, Renters, Life, Umbrella, Earthquake, Flood, Boat, Motorcycle and RV Insurance.
McClain Insurance Services is a Trusted Choice agency and a member of the Independent Agents Association of America, the Economic Alliance of Snohomish County, and the BBB. They are also Charter Members of NSACE – National Society of Agents for Consumer Education.