Maybe you recently got engaged or maybe you celebrated a special anniversary and received a very nice piece of jewelry. Or maybe you just purchased a new set of golf clubs for you and your spouse. What happens now if they are lost or stolen? What questions come to mind? Should I call my insurance agent?
Most homeowner insurance policies do provide coverage for jewelry, watches, furs etc., but there are limits for these items. You’ll want to read your policy or give your agent a call. Some examples of these limits are:
To ensure that your higher priced items are covered, you’ll want to consider adding a floater or scheduling each item. This is known as scheduled personal property (SPP). This will give you coverage for theft, fire and mysterious disappearance. Generally, deductibles do not apply. Premiums are based on a rate per thousand dollars of coverage. You can schedule jewelry, furs, collectibles, musical instruments, silverware, china ,cystal, golf clubs, guns, etc.
Here’s an example. Let’s say you have a $5000 engagement ring and it’s not scheduled. Insurance will pay you $1500 based on the above limits. You know need to come up with another $3500. If the items is scheduled for $5000 and it’s lost, your insurance company will pay you $5000. No deductible applies.
Feel free to give us a call for any addtional questions that you might have.