Buying or Receiving some nice gifts like a ring for the holidays? They’re fully covered under your homeowners, right?? NOT SO FAST. You may need extra Jewelry Insurance!
There are coverage limitations for certain items on every homeowners policy. Is $1,500 enough to cover all the jewelry in your house? Do you have more than $2,500 of guns in your house? There are specified caps to jewelry, guns, art work, antiques, musical instruments, rare collections, valuable comic or baseball card collections, etc. You may need Jewelry Insurance or separate coverage for your valuables!
When in doubt, Schedule it!
Although you can add coverage for your valuables onto your homeowners policy, it is best to purchase a separate Inland Marine Policy. You can either schedule each item or add a blanket amount of coverage on the policy.
What is an Inland Marine Policy?
It is a policy designed to protect property in transit! For the layman, it protects your valuable personal items wherever you go.
This site has a great description and history of the name!
Advantages to an Inland Marine Policy:
- Worldwide Coverage i.e. less limitations
- Lose your diamond ring in Venice, Italy. No problem.
- Broader Coverage i.e. Mysterious Disappearance
- Can’t find a piece of china and have no idea what happened. Again, no problem.
- Homeowners Premium will not be affected by a loss on this policy
- e. an increase on a $150 policy after a $10,000 loss is a lot easier to absorb than the same increase percent on a $1,500 homeowners policy
- The premium is Not Escrowed through your Home Mortgage Payment
- You won’t have to pay the man!
Is it more expensive than scheduling it to the Homeowners?
Nope! Usually, it is about the same cost. So more coverage at roughly the same cost!
Happy Shopping this holiday season, and Make sure to Call your Agent to get more info and be properly protected!