Should I Insure Jewelry Under my Home Owner’s Policy?

A standard homeowner’s insurance policy typically covers personal property for around 50 to 70 percent of the amount of insurance on the home.  For example, if the property is insured for $500,000, the coverage for property can be anywhere from $250,000.00 to $350,000.00.  This would include personal belongings in the home including clothes, jewelry, computers, furniture, and appliances.  The coverage amount will differ based on your insurance policy.

Categories of Personal Property May Offer Less Coverage

While personal property can be covered in a standard home insurance policy, some categories of personal property may have only a maximum amount that can be reimbursed in event of a covered loss.  Items like jewelry, for example, may have a very low dollar amount like $1,000 to $2,000 per item, depending on the terms of the coverage for that category.

Additional Personal Property Coverage

In order to make sure your personal property is covered to the maximum of its worth, it may be a good idea to purchase additional coverage.  Insureds have the option to buy a floater policy, or an endorsement to the policy, that can offer additional coverages for the properties they want additional coverage for.  This can help you be reimbursed for up to the appraised value of the item, like a diamond ring, if it is stolen.

If you need an attorney to help you understand additional insurance coverages, or if you need help recovering a loss for personal property due to theft or damage to your home, contact our firm today.

The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.