The Holiday season often brings really sentimental and expensive gifts. It is often the time of the year for gifts of jewelry and engagement rings. However, most people do not understand that jewelry is covered a little differently on your homeowners, renters or condo policy than other contents.
Coverage for jewelry is limited in the case of theft or mysterious disappearance. Many policies only give you a total of $1,500 for stolen jewelry. That is $1,500 in total for all your jewelry that may be stolen, NOT $1,500 per item.
You can get coverage for the value full value of the jewelry if it is stolen by adding a personal articles floater to you policy to cover the jewelry. This gives you broader coverage, including theft, loss or mysterious disappearance anywhere in the world. Items can be covered for their full purchase or appraised value.
This coverage is easy to obtain. For a new item of jewelry, all we need is a copy of the purchase receipt and we can add it to your policy. For an older item, a recent appraisal would be required. Premiums are relatively inexpensive and often times there is no deductible on a loss. If you have questions about this coverage, give the Okun Agency a call.