Scheduling Jewelry On Your Insurance Policy

Last month was Valentine’s Day and proposals happened everywhere!  This means that you might find yourself with a new diamond ring or expensive piece of jewelry in your home.

Many people spend thousands of dollars on beautiful jewelry but don’t take the time to find out how to insure it.  And this can be a big mistake!
Have you seen the Farmers Insurance TV commercial regarding jewelry?

If you have homeowners or renters insurance, then your jewelry is covered as part of the contents of your home.  But there can be problems…

1. We don’t know what it is worth.  It’s hard to get the full value of your jewelry back if you don’t know all of the specifics!  Weight, color, cut, size, and so forth are all factors in the value.  Ten years from now you might not even remember how much you paid.
2. You probably have a large deductible on your homeowners insurance, this deductible applies to the house itself as well as contents coverage. Many insurance policies have limits for theft of specific highly targeted items including jewelry.

But there is a simple solution to avoid all of these problems.  Our homeowners and renters policies allow you to “schedule” jewelry for a small additional cost.

You bring in the receipt and appraisal of the item and we add all of that information to your policy.  (Sometimes we don’t need all of this, just call us first and we can let you know.)

You will be charged based on the value of the item, but typically it’s less than $50 per year! (Sometimes much less, sometimes a little more.  It all depends on how much insurance is required.)

Plus, scheduled items don’t require a deductible.  So if your ring is lost or stolen, you pay nothing out of pocket but get to replace your precious jewelry.

So next time you open a jewelry box and put a sparkling diamond on your finger, make sure that you are insuring your investment.

Have questions about scheduling items on your homeowners insurance?  Call us today at 816-795-5977 or email jolson3@farmersagent.com for assistance!

 

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