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Be Aware of Your Policy's Coverage Limitations on Jewelry

If you are like many of our busy clients, you may not have had the time to thoroughly read through your home insurance policy. That's understandable. But did you know that included with covered home "contents" on your policy are things like your valuable jewelry and watches? The challenge though, is that with a standard home insurance policy in Florida, your coverage limit for jewelry may cap out at $1,500-$2,500 or so. For some, that wouldn't even be enough to cover the cost of a lost wedding ring, let alone any other jewelry in your collection. 

In order to ensure that your most valuable possessions are covered at a level where you could easily replace them after a theft or destructive event, you may need to get a separate, stand-alone policy or endorsement.

As you think through your options, it's important to know that "personal property replacement cost coverage" and "actual value" are two different things. Replacement cost coverage is the cost it would be to replace your item at its present-day value, without consideration for depreciated value over time. Actual cash value would be the amount it would cost to replace your item at the time of the claim, subtracting possible depreciation from time gone by.

Regardless of which type of coverage you choose, you will want to have your jewelry appraised ahead of time, keeping a copy of the resulting Certificate of Value you'll receive as well as photos to document the condition of existing items. You'll need both of these things when the time comes to make a claim.

The good news is that the cost for added jewelry protection is nominal and well worth the added security of being able to replace your cherished valuables, should the need ever arise.

If you have any questions about jewelry coverage or anything else tied to home insurance, please feel free to reach out to us anytime

Laura Delvaille is a Personal Lines Account Manager at Wren Insurance.