What to Consider When Reviewing Enhanced Jewelry Coverage?

Have you ever wondered if you have enough coverage for your jewelry under your homeowners insurance policy? While it is important to read your policy for specifics—yes, we are suggesting you read your insurance documents—the standard policy typically has some level of coverage. However, it is important to decide if it provides enough coverage and covers a wide enough range of risks.

There are a few important considerations you should evaluate:

• Coverage Limits – The standard homeowners policy provides limited coverage for jewelry. That limit might be enough for you, or it might be much lower than the value of your item(s). It is important to understand your policy limits and what additional coverages would best fit your situation.
• Type of Loss – Again, the standard policy does not cover every possible type of loss. Typically, only loss by theft would be covered unless you buy additional coverage. Coverage can be added to cover theft, misplacement, or loss of jewelry.
• Value of Items – Knowing the value of your item(s) and making sure your insurance coverage is adequate in the event of a loss is especially important when it comes to the cost to repair or replace. Without proper coverage, you could end up getting much less than the item would cost to replace. For valuable items, you are likely to have received a jewelry appraisal noting the replacement cost.

Acuity offers a wide range of options depending on your coverage needs. Talk to your agent to determine if Jewelry and Furs Enhanced Coverage or Scheduled Personal Property – Agreed Value endorsement should be added to your homeowners policy. For more information on the wide range of coverage options Acuity has to offer, visit our website.

Sources:

https://www.acuity.com/the-focus/home/insurance-101-scheduling-higher-cost-possessions

https://www.acuity.com/personal/homeowners-insurance/personal-property/

https://www.acuity.com/ws/public/agency/cobrand/documents/brochures?titles=Homeowners%20Insurance%20-%20Understanding%20Your%20Home%20Declaration%20%28PL%20Home%20Kit%29&state=WI&utm_source=resources&utm_medium=website&utm_campaign=brochure_download