Whether it’s your diamond ring or your grandmother’s silverware, your collectibles or valuables are priceless to you. Because they are so important, you may take for granted that your homeowner’s policy will adequately cover your valuable items for loss, but it’s important to realize there is a limitation as to how much coverage you have for these “priceless” items.

While your homeowner’s policy does include coverage for jewelry and other valuables (such as artwork; musical equipment; sporting equipment; gun collections; computers, cameras and related equipment; china, crystal and silverware), realize that it may not cover the types of losses that are important to you.  The reality is that these items are only covered for losses caused by the perils included in your policy such as fire, windstorm and vandalism.  The limit for theft of these items is usually only $1000 to $2000, depending on the insurance carrier.

The most common type of coverage people want is for losing, misplacing or what the insurance companies call “mysterious disappearance.”  In order to cover your valuables for these types of losses you can schedule them, which would cover most losses of any type, including accidental losses (such as dropping your ring down the drain or leaving your pricey watch in a hotel room) that your homeowners insurance policy will not cover.  For about $8 for each $1000 of value for jewelry, you can ensure coverage should anything happen that is not covered under your normal homeowners policy.  The cost for other valuables may vary.  Call us and we can help give you an estimate on any special items you are considering adding to your policy.