Jewelry is a sure way to a woman’s heart, but what happens if peril befalls that special piece; say, for example, it slips down the drain while washing dishes or is lost on a run?   Would your homeowner’s policy cover the expense?

Tiffany boxMost people are unaware that their homeowner’s policy has special coverage limits for many items, including jewelry. These special limitations can specify that only a set amount is all the policy will pay in case of lose or damage, but they may also set payment guidelines based on how the item was lost or damaged. The most common claims submitted on jewelry are oftentimes not adequately covered by the standard homeowner’s policy. In order to prevent this from happening, first talk to your insurance provider to determine any shortages.

If shortages occur, they are easily corrected. Coverage can always be added to your homeowner’s policy in the form of a “scheduled jewelry rider”. A scheduled rider provides additional coverage that’s over and above the typical homeowner’s policy. With this type of coverage each item to be scheduled needs to be added separately to the insurance policy.

To schedule your jewelry, you will need an appraisal from an expert to determine the value of the item. Then, submit the appraisal to the insurance company with your request to have the item scheduled on your policy. Be aware, though, some homeowner’s policies will not go above a predetermined dollar amount per item. If the item is more than this limit, it will need to be insured on a separate jewelry floater.

There are several advantages of scheduled personal property coverage. Jewelry covered in this way is covered on a replacement cost basis. This means that you would be reimbursed for the real cost to replace the item, based on the jewelry’s appraisal, rather than the depreciated value of the item. Additionally, scheduled property covers more hazards than a standard homeowner’s policy. By scheduling your valuable property items, you gain coverage for almost anything that might happen, without the responsibility of paying a deductible.

This Valentine’s Day, before you take her breath away, take the time to ensure that your gift of jewelry is protected. Contact your local, independent insurance agency to make sure you have the insurance coverage you need.