Coverage for Your Jewelry

Daniel Crichlow
Written on May 25, 2020

Coverage for Your Jewelry

Listen to what Dan has to say.

And they lived happily ever after, until her diamond fell out of the ring, never to be seen again! This can be a scary situation. You spend thousands of dollars on a beautiful ring with a crystal clear diamond that you know she will adore, only to lose it like Leonardo DiCaprio kept losing Oscars. So, what do you do? Do you rely on your homeowners or renters policy to provide coverage? Fortunately, you had a smart insurance agent at Capitol who advised you to insure it on a personal articles policy. That diamond can now be restored to its rightful place. So, why do you need one of those personal whatchamacallit policies? Here is a brief explanation of the importance of ‘scheduling’ jewelry.

Your regular homeowners or renters policy covers jewelry, but with some serious limitations. If your jewelry burns up in a fire or is taken away in a tornado, there should be coverage to replace your ring. But those are pretty unrealistic scenarios. A more practical example is that your jewelry is stolen. Your regular homeowners or renters policy limits how much your policy will pay for theft of jewelry. Most policies only give about $1,500 for theft coverage. So, if your jewelry is worth more than that, maybe like a Rolex watch with diamonds on it that’s worth $150,000, you’re out of luck. Another common situation is someone takes off their jewelry to do some chores, only to have no clue where it ran off to when they’re done. This unfortunate situation is usually never covered under your policy. So, how do you go from a regular policy that provides little coverage to a robust policy that provides more coverage? You add your jewelry to a personal articles policy.

A personal articles policy is what you should use to have proper coverage for your jewelry. This policy brings back the coverages that were missing in the regular policy. It is intended to provide coverage for the full amount of the item’s worth if it is stolen or suddenly disappears. It also adds many other coverages to the policy that your homeowner’s or renter’s policy may not have. So, instead of missing out as Leonardo did for so many years, add your expensive jewelry items to a personal articles policy to have the right type of coverage.

Call us today at Capitol to see if you’re properly covered.