Do you have a gorgeous pearl necklace, an expensive ring or an heirloom jewelry collection?
It may surprise you to know that your jewelry may not be covered under your homeowner’s policy.
The first thing you should do is find out what your current insurance policy will cover. Most policies will cover up to $1,500 of unscheduled jewelry, and some policies may go higher.
The best solution for your more expensive jewelry pieces is to “schedule” it, which simply means that you will list each item separately with a value.
This can either be done as a rider on your existing policy or an entirely new Inland Marine policy. Usually you can expect to pay between $1 & $2 per $100 of the items value.
Ask questions to make sure you understand the coverage that you have or want to purchase. You should always ask what types of loss does this policy will cover & how will the lost or stolen jewelry be replaced.
Contact your Barr’s Insurance agent for additional details on insuring your jewelry.