19 Oct How to Cover the Full Value of Your Jewelry
Marilee, Mike, and Pam answer the phone at Clark Insurance when you want to report damage to your property. As well as serving customers as the “claims team”, they also notice trends. Through their experience, they identified the topic of lost jewelry – and how to fully protect its value – as one of the most common issues people face. Here’s what they’d like to share:
The value of most jewelry is often not fully covered under your home owner’s insurance policy.
There is a limit for jewelry on a homeowner’s policy, ranging from $1,000 – $2,000. This limit is often not enough to cover the full value of the ring. So, in order to increase that limit, you can “schedule” the item. Scheduled property is an additional policy which extends the coverage beyond the standard protection provided by a homeowners’ policy.
There are 3 main benefits to scheduling jewelry:
1. You increase the coverage limit.
To schedule your jewelry, the insurance company will need an appraisal or a receipt of purchase. This information allows the insurance company to establish a new value for the item. In the event of a covered loss, you will either get paid the amount on the receipt or you will be given a replacement of like kind and quality based on the description provided in the appraisal.
2. You broaden the list of causes that are covered.
In order for insurance to kick in, the cause of loss has to be covered. In a standard homeowners’ policy those causes include: fire and smoke, vandalism, theft, water damage, and a few more. When you schedule an item, it broadens the list to include almost anything. Losing your jewelry, for example, is not a covered cause of loss under the standard homeowners’ policy but it is included when the item is scheduled.
3. You do not pay a deductible on scheduled items.
A deductible is the amount of money you pay before the insurance company will pay you. When you schedule your jewelry, there is no out of pocket money you will need to pay in the event of a covered loss.
Simply knowing that you have the option to schedule jewelry on your home owner’s policy is the goal here. Feel free to call Clark with any questions and to discuss if this option is right for you.
Clark Insurance is a 100% Employee Owned Company made up of 110 employees, operating across Maine, New Hampshire, and Massachusetts. Clark has proudly provided Personal Insurance, Business, Employee Benefits, Bonds, Life, Health, Annuities, and Risk & Safety Consulting services since 1931. If you haven’t experienced the value of working with an independent insurance agency – we invite you to go on our website (www.clarkinsurance.com) or give us a call at (207) 774-6257.