We’ve all heard the saying, “Diamonds are a girl’s best friend.” But it’s not just girls who love them; thieves do too. That brings us to a crucial question – are you protected? More specifically, does your insurance cover your precious jewelry, be it a Rolex watch, a dazzling diamond bracelet, or an heirloom gold chain?

The YES and NO of Theft Coverage

The answer is both YES and NO, and I’ll tell you why.

Most standard Homeowner, Condo, or Renter policies indeed cover loss or damage to your jewelry due to covered perils such as fire or theft. You can find these details under Coverage C, “Personal Property Special Limits” section of your policy. But here’s the catch – the level of coverage will largely depend on the specific limits set by your company’s policy.

Not All Policies Are Created Equal

Every insurance policy is unique, and it’s key (or vital) that you understand what your policy covers. Some policies may limit coverage to $1,500 for any single piece, with an aggregate cap of $3,000. If your jewelry collection is valued much higher, this coverage might not suffice.

Imagine the frustration of losing a prized $10,000 diamond ring and discovering that your policy only covers a fraction of its worth. That’s why it’s crucial to examine your policy limitations for jewelry before any potential theft claim.

The Solution: Scheduling Your Jewelry

So what can you do if this limited coverage isn’t enough for your high-valued items?

At Dan Burghardt Insurance, we offer a solution known as “SCHEDULED COVERAGE ENDORSEMENT.” To avail of this, you’ll need to submit an appraisal or current invoice for each valuable piece of jewelry. Your items will then be itemized and added to your policy, ensuring comprehensive coverage. Though this will mean paying an additional premium, typically 1% to 2% of the jewelry’s value, it’s a small price for peace of mind.

For example, if you own a ring valued at $10,000, your additional premium would be only $100 to $200 per year. By scheduling your jewelry this way, you’re also covered for LOST OR MISSING items, a benefit that standard policies don’t often provide.

Affordable Stand-Alone Jewelry Policy

Here at Dan Burghardt Insurance, we understand the emotional and financial value attached to your jewelry. That’s why we also offer a stand-alone jewelry policy at very affordable pricing. This specialized policy ensures that your cherished possessions are adequately covered even before anything unfortunate happens.

FREE Coverage Review and Home Replacement Cost Evaluation

It’s always wise to stay ahead of the curve and know exactly what your insurance policy covers. If you’d like a FREE over-the-phone coverage review and Home Replacement Cost Evaluation, we’re just a call away at 504-456-8585. Alternatively, you can visit our website or drop by one of our six locations, now also on the North Shore.

Conclusion: Protect What’s Precious

Your jewelry is more than just glittering stones and polished metal; it’s a representation of memories, love, and hard-earned success. At Dan Burghardt Insurance, we believe that protecting these treasures shouldn’t be a complicated or expensive process. Whether you’re looking to understand your existing policy better or seeking to enhance your coverage, our team of Property Insurance Specialists is ready to assist you.

We’re more than just an insurance provider; we’re a partner you can trust, committed to ensuring that your cherished possessions are protected BEFORE something happens.

Call us today and let us help you keep your treasures safe and sound. Because when it comes to things as precious as jewelry, peace of mind is truly priceless.

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