Jewelry is still the most popular gift given on Valentine’s Day. In fact, studies have shown that approximately 20% of consumers buy jewelry for the big day.
But, did you know that many homeowner’s policies only include $1,000 of jewelry coverage? Perhaps even more surprising is the fact that theft is often excluded from such coverage.
So how can you protect your valuable jewelry?
This article covers what you need to know about jewelry coverage in Indiana. Specifically, there are two options for ensuring your jewelry – and other valuable items – are adequately covered:
1. Enhancement endorsements
2. Scheduling your items
Let’s take a closer look at each one.
#1. Enhancement Endorsements
Check to see if your insurance company has an “enhancement” endorsement that will increase the limit of jewelry that is included on the policy. Depending on the company, these additional endorsements include a low set premium for the year and increase all of the included limits on your policy!
Spend time understanding what is covered by your policy along with the types of perils (causes of loss). Examples might include:
- Bank notes
- Letters of Credit
- Personal Records
#2. Scheduling Your Valuable Items
You can also choose to schedule your valuable items. This means that you will individually add each item to your policy for a premium. You can often choose from “Agreed Value” or “Actual Cash Value” depending on what type of coverage you want.
When scheduling items, you may be able to choose lower deductibles than what you have on your homeowner’s policy (which is often $500 or $1,000). And, depending on the policy that you have, you may be covered for more causes of loss by scheduling your valuable personal property.
Keep in mind, depending on the age and value of your jewelry and other property, your insurance company may require a recent appraisal.
Talk To an Agent at Kincaid Insurance
Either option is great and may depend on your personal goals and risk tolerance. A short discussion with your agent can determine what route works best for your life!
Need to talk? Our team at Kincaid Insurance is always happy to answer your questions. For more than two decades, we’ve helped homeowners and renters in Indiana (and surrounding states) protect their valuable jewelry.
Contact us to chat.