If a fire or a windstorm damages your home, and your jewelry is destroyed, then your Homeowners Policy would definitely cover your jewelry under the Personal Property (Contents) coverage. The problem arises when the loss of jewelry occurs because of theft, misplacement or losing the jewelry.
If jewelry is stolen, misplaced, or simply lost, the Homeowners Policy has a special limit of liability due to those 3 causes of loss. You will be limited in the amount that would be paid for those losses – usually $1,500-$3,000 depending on your particular policy.
And for you guys out there, there is similar wording in the Homeowners Policy for your guns. If guns are stolen, misplaced or lost, you would be limited to around $2,500 – $3,000 of coverage depending on your policy.
This is fixable. You can add a scheduled personal property endorsement. The advantage to this endorsement is that you get theft, misplacement and loss of the jewelry covered. The drawbacks to adding the scheduled personal property endorsement are that it comes with additional premium, you need to schedule all the items and appraisals are needed for pieces jewelry that are worth over a certain amount.
If you have higher valued jewelry (or a bunch of guns), its worth having a conversation with your agent at St. Marys Insurance Agency, Inc. and its affiliates today.
Scott A. Surra, CIC
St Marys Insurance Agency & Affiliates, Inc.
Insurance Producer
Insurance Educator
