Are you picking up a sparkly gift for that special someone this Christmas? Do you want to make sure that your loved one can enjoy this gift for years to come? You might want to check into scheduling that item on your homeowner’s policy. Here are a few Jewelry Insurance Tips for the that Sparkly Holiday Gift to ensure you know exactly what to do this holiday season.
The general homeowner’s contract in California only covers theft of jewelry for up to $1,000 per item. Depending on your insurance company, you may have a bit more coverage than this but it won’t be much. The most common jewelry losses are from people losing them, dropping them down the drain or having them stolen.
We’ve already discussed how there is minimal coverage if it is stolen if you don’t have it specifically endorsed on your policy, but would it be covered if you just lost it or dropped it down the drain when you took it off to do the dishes or put on lotion? The answer there is no. There is no coverage for mysterious disappearance on the standard Homeowners (HO3) Insurance Contract.
If you are looking for more “all risk” type coverage, you should look into scheduling the jewelry. You not only lock in a value for the item so it’s covered for what it was appraised for, but you also pick up that coverage for lost items. The cost is about $1.70 per $100 of coverage as standard throughout the industry, so a $10,000 ring will cost you about $170 per year to insure. It may seem like a lot now, but if you went to replace the item, you will be glad you had proper coverage.
Contact one of our offices for more information on insuring that special holiday gift.
Carlsbad office: 760-795-2002
Temecula office: 951-296-6833
Author: Jennifer Scott