1. Standard homeowners/renters insurance policies include some coverage for jewelry and other valuable items.
2. There are special limits of liability for certain items. This means that the insurer will not pay more than the amount specified in the policy. Take jewelry theft for example – because jewelry can be easily stolen, standard policies generally have a low limit for theft coverage (around $1,500) in order to keep coverage affordable.
3. There are two ways you can increase coverage:
- Raise the limit of liability
- Schedule your individual pieces through the purchase of “floater” policies
4. Raising the limit of liability is the less expensive option in terms of insurance premium cost. BUT, there is usually a limit on the amount you can claim for the loss of an individual piece, perhaps only $2,000 even though your overall limit is $5,000.
5. Scheduling each individual item may cost more in insurance premiums, but it offers more extensive protection. The floater covers any type of loss, even accidental losses, that standard policies do not cover. Dropped your diamond ring down the sink? No problem! Your floater has you covered. Before you can purchase a floater policy, the items covered must be professionally appraised.
Have questions? Give us a call here at ALINK Insurance Services today to ensure you have the coverage you need to protect those valuables. We’re your link to security!
Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148
Happy Valentine’s Day!