In a recent article on patch.com, it was noted that in our generally safe Rossmoor community, there were 21 incidences of stolen jewelry. That’s a lot!
And, most of them likely were not fully covered for their losses. So, their home was violated, and they lost a tremendous asset in the theft of the jewelry.
As we mentioned in a previous blog in February of this year, certain property is limited in each & every homeowner’s insurance policy sold in America. Insurance brokers have written and spoken about this subject, and insurance companies often send reminders of this coverage limitation in their renewal materials. Yet, often the advice us ignored.
In insurance policies, there are certain types of property that are not fully insured – often limited to only $1,500 reimbursement – unless you itemize them and, yes, pay an additional premium for the special protection. s
These types of properties include Jewelry & Furs, Bullion, Gold, Silver, Pewter), Money (incl. coin collections), Stamp collections, Guns, Securities, and in some cases, Computers, Tools, Oriental Rugs, and Business Property (your employer’s or your own).
If those individuals who lost jewelry have a special Scheduled Articles Floater or other endorsement extending value and protection to their jewelry, they are insured; still violated, but at least the value hopefully is covered. If they didn’t have this extra protection, then their insurance will fall short in paying them for their loss.
It is important to ask your agent about what you have covered. No agent wants to tell you that there is no coverage for a jewelry theft, so be sure to discuss this and other personal insurance issues with your agent regularly.
Thank you for this opportunity to be of service to you
Huggins Dreckman Insurance, Insuring Your Success!