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The personal property coverage section of a homeowners insurance policy covers expensive valuables you own, including jewelry. Most Evergreen Park, IL policies cover losses caused by incidents listed in your policy, such as fire, theft, and vandalism. However, damage to your jewelry is not covered during some events, such as flood damage and lost items. Additionally, homeowners insurance policies have limits on how much they payout, and sometimes the jewelry in the home is far more expensive than the coverage.
The experts at Martin Insurance Team understand you want to protect your expensive belongings, so give them a call to discuss insurance options for your jewelry.
Standard Homeowners Insurance Coverage
Standard homeowners insurance covers jewelry from the listed incident in the policy, such as fire and theft. Coverage for personal property has a limit, and the payout is after subtracting the policy’s deductible. In some cases, the policy does not cover the item’s actual value, especially after having to pay out of pocket for the amount of your deductible.
Events With No Coverage
The insurance company does not pay out if the jewelry is misplaced. Additionally, most basic insurance policies do not have flood coverage, which means if a flood damages the item, it is not covered. Protect your jewelry and other expensive personal items by speaking with your agent about adding additional coverage for events such as flooding.
Jewelry Insurance
If you have jewelry that exceeds the value of your policy limits, you may want to consider shopping around for a specific jewelry insurance policy. Jewelry insurance policies cover theft and damage from covered incidents.
Evergreen Park, IL, homeowners can shop for additional coverage to protect their jewelry. For further assistance insuring expensive items, such as an engagement ring, call the experts at Martin Insurance Team.
