Home Insurance and Coverage for Your Jewelry

Home insurance and coverage for jewelry

Getting a reliable home insurance policy is a perfect step towards ensuring your loved ones' safety and security and their belongings. However, one thing that can cause distress is when you are unaware of what is being covered in the policy plan and what is not. An example in this regard can be the jewelry placed in your secret lockers. Gold or diamonds are essential valuables as they are savings of years and years. What if they get stolen, and you realize that there was no coverage for it? We hope that doesn't happen to you. To avoid all the confusion in this regard, let's look at the coverage policy for jewelry under the home insurance quote. 

Does my home insurance quote cover jewelry?

In case you didn't read the policy carefully and assumed that all of your jewelry is also being covered under the home insurance quote, you might be wrong. Typically, home insurance policies cover your jewelry up to a specific value. If you plan to buy any jewelry, be it a ring or other expensive pieces, you need to ensure that it is insured for the total amount. For this process, you can get additional coverage through a floater. 

Does insuring jewelry increase the cost of my quote significantly?

The answer to this question depends on the value of your jewelry and the coverage you currently have. It will affect your cost but to what extent; that can vary. However, it would help if you always kept in mind the one thing: to be honest, while giving the details about it. If you think that mentioning the actual value will help you get low-cost coverage, then think about it in the long run. Later, when your jewelry gets lost or damaged, you will have to pay anyways. So it is better to be fully insured so that you get full coverage and get rid of all your worries. 

Does my home insurance quote cover lost or damaged jewelry? 

As mentioned earlier, the insurance policy can cover the cost or replace it as long as it falls under the same dollar value mentioned in the plan. If you prove your case and it also falls under the policy's said amount, you get covered or replaced if it is damaged. If it exceeds that amount, then there is no choice but to regret it! So make sure that the terms and conditions are evident in this regard. 

How do I protect it?

The best thing you could do is to protect it in every possible way. Store your jewelry in a secure locker. Be creative when it comes to finalizing the location of the vault or the safe. Place the locker in a way that no one can guess its location. Keep a track or record of all the valuables you own. You can keep the receipts and pictures of the jewelry so that you can document your loss and easily claim it. If you want to avoid that feeling of regret when you realize that your home insurance policy doesn't fully cover your jewelry loss, ensure that you read the guidelines and then sign them. For additional coverage, you can use options like floaters or endorsements. The process doesn't require a lot of paperwork. Just provide details of the jewelry and its current value to decide the coverage plan accordingly.

So, are you still wondering or making assumptions if you have your jewelry covered or not? Check it before it's too late. In case you find out that it isn't being covered, you now know what to do!