In most cases a standard homeowners insurance policy like a Portland Home Insurance policy will typically include coverage for jewelry and other precious items such as watches and furs. These items are generally covered for losses caused by all the same perils included in a standard policy such as fire, windstorm, theft and vandalism.
However, there are commonly special limits of liability for certain items, meaning that the insurer will not pay more than the amount specified in the policy. For example, one important limit is for the theft of jewelry. To keep coverage affordable because jewelry can be easily stolen, the standard policy has a relatively low limit of liability for theft, generally $1,500 although the limit may be higher or lower.
If you own valuable jewelry or other items that would be difficult to replace, you may want to consider the following two ways in which you can increase coverage: one option would be raising the total limit of liability for jewelry or secondly you may consider “scheduling” your individual pieces through the purchase of “floater” policies. Raising the limit of liability for all your jewelry would normally be the least expensive option, however there may be a limit on the amount you can claim for the loss of any individual piece, say for example you may only be able to claim $2,000 for any one piece of jewelry, when the overall total jewelry limit may be $5,000.
A second option would be scheduling each individual jewelry item which may cost more in premiums, but offers broader protection because the floater covers losses of any type, including accidental losses—such as dropping your ring down the drain of the kitchen sink or leaving an expensive watch in a hotel room—that your homeowners insurance policy will not cover. Before purchasing a floater, the items covered must be professionally appraised. The cost of this service varies depending on where you live.
Based on your jewelry items you may find it appropriate to raise your jewelry liability limit and also schedule some of your individual jewelry items.
Special coverage for jewelry and other valuables may also purchased in conjunction with renters insurance and condominium insurance such as a Portland Renters Insurance or Portland Condominium Insurance policy.
For more information about special coverage to insurance your jewelry and other items or to get an insurance quote please contact the experts at Fox Insurance Agency at 503-277-2300 or click here.
