I lost my wedding ring, am I covered?

Are my jewelry, guns, and valuables covered?

First, not all homeowner’s policies provide coverage for jewelry, guns, and certain valuables. There are several different homeowners and rental policies that cover it they way they want to, if at all.

How much coverage do I have for my jewelry, guns, and valuables?

Second, those polices that DO provide coverage DO NOT all contain the same “limit” for jewelry, nor do they contain the same type of coverage.  Most policies place limits on specific kinds of items. For example $1,500 to $2,500 for all of your jewelry in the event of damage or theft. Other items that usually have limits include silverware, guns, coins, stamps and furs. (Call your agent  for the details.)  Accidental loss is also not covered. So if you lose your engagement ring, you’re out of luck.( I get these calls about 3-4 times a year)

How should  I cover my jewelry, guns, and valuables?

To raise your coverage limit and ensure that you’re protected in case of loss as well as theft, contact your insurance agent and ask them to specifically schedule the item. You will need an appraisal for the agent to keep on file. Once you set a value and schedule the item, you’re covered for the full amount if it is lost, stolen or destroyed. Plus, there’s no deductible for scheduled items.

How much does it cost to specifically schedule my jewelry, guns, and valuables?

Insurance companies rates in all states vary, but at JDC Insurance Group we see that a piece of jewelry that appraises for $5,000 can be insured for about $40-$60 a year. It all depends on the items (jewelry,gun,or valuables) but the important thing is it does not cost much to have this piece of mind.