This Month in LKN Women’s Magazine Kaitlynn talks about the different ways to insure your jewelry.
Most Homeowner’s policies limit coverage for jewelry to only $1,500 for theft on premises. If you have an HE7 policy with the ‘extended enhancement’ endorsement most carriers increase the limit to $5,500 total and significantly broadens the coverage, however the limit per item is $1,500.
If the value of your items exceed the limits mentioned above you can ‘schedule’ your jewelry on your homeowners policy or put it on its own policy (called a Personal Inland Marine Policy).
Scheduling your jewelry ensures you get the full appraised value of the item after a covered loss. It also broadens the types of losses covered to include ‘mysterious disappearance’ which will cover if the item is lost. The general cost to schedule your jewelry is 10% of the appraised value of the item if added to your homeowner’s policy. If you insure it on a Personal Inland Marine Policy the cost is a little bit more, but claims on this policy typically do not effect the homeowner’s policy premium.
Depending on the value of the scheduled item the insurance carrier may require that you provide a recent appraisal before coverage is provided. You should have your jewelry appraised every few years to make sure you have enough coverage on the item.
Please note that coverage discussed in this article is specific to NC policies only. If you have questions about your specific policy and/or needs please contact your agent.
Kaitlynn is the Personal Lines Manager at Fogle Insurance. With 6 years of experience in the insurance field she is able to get creative with your coverage options.