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Is your jewelry properly insured? The standard homeowners policy provides coverage on your jewelry for the perils insured against as described in the policy, such as fire, vandalism, theft, wind, etc. The policy does not restrict coverage when theft is involved.

The best way to insure your jewelry is by adding a schedule of items to your homeowners policy. Each item of jewelry is specifically described on the schedule and a value and amount of insurance established. This schedule is added to the policy by an endorsement that expands coverage from named perils of the basic policy to an all risk (subject to exclusions) form.

Many times, the stone (diamond, for example) is just lost from the setting of the item of jewelry. This type of loss would be covered of the item was listed on a schedule. It would NOT be covered by the basic policy since "lost" is not a covered peril.

Insurance companies may require an appraisal or a bill of sale to verify the amount of insurance.

Posted 4:35 PM

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