So How Do You Do This?
You have a home policy and you automatically assume if someone steals your wife’s wedding ring and the antique jewelry grandma passed down to her, that it’s covered. Well possibly, but probably not for what your hoping for.
Most home policies (large majority) have very limited jewelry coverage built in. Sometimes as little as $500 or $1,000 (rarely more than $2,500), AND it’s subject to a deductible. So the most you will ever get back from the company for a true theft loss is what ever the built in limit is, and will be subject to a deductible, of times of 1% of what your house is insure for. So a 200,000 home would often carry a $2,000 deductible.
Another important thing to consider is that with most home policies, “mysterious disappearance” is specifically excluded. So if you are on vacation and you plainly lose a wedding ring, most often this claim would be excluded under most home policies.
So, How Do You Do This?
If it’s important to you, SCHEDULE IT. Scheduling simply means to add it to your policy. Companies will most often require a recent appraisal or receipt of purchase, but this accomplishes multiple things.
- It establishes a current value to the item
- It most often adds mysterious disappearance coverage back to your policy.
- It most often removes the deductible, so you now have a $0 deductible.
If you have items that are of great value to you, that you would like coverage for, it is our general recommendation to NEVER assume you have coverage, always talk to your agent. It is feasible that you will need to take additional steps to insure you have coverage that you are comfortable with.
If you would like to discuss this or anything insurance, feel free to call or email us.
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DISCLAIMER: This is intended as a general coverage overview. All claims and coverage decisions are ultimately determined by the company you are insured with, your policy, and individual circumstances. This does not alter, amend, or change any coverage you have in any way.
