Keeping Nashville Covered – Jewelry & Your Home Insurance

Keeping Nashville Covered – Jewelry & Your  Home Insurance

Post 1:  Jewelry

You have insurance for that spectacular home in Belle Meade or intend to put some in place for the new dream house in The Governor’s Club or the glamorous new condo at Twelve Twelve Website.  No matter which greater Nashville area you live in, homeowners insurance is a must!

You may think homeowners insurance will cover any and every loss.  But will it?  During the next several months I’ll be posting on the secrets of insuring high-end and big ticket items… so stay tuned!

Jewelry

So he popped the question with a stunning 5-carat ring.  And she gave you the Rolex of your dreams.  Surely it’s covered… right?  Well, sort of.  Jewelry is one of those items that homeowners policies have limits on.  And not just limits on the total amount of your jewelry, but also limits on per-item replacement costs.  Some are limited at $2,500 for all your jewelry and $1,000 for any singular item. Not exactly the coverage you need, right?  But there is a solution.

You can (and should!) purchase what’s called a rider or floater to your policy for expensive jewelry items.  The rider can be added to your existing policy for a small monthly fee that will be based on the amount for which your item is individually insured.  The good news is, the riders usually cover more than just theft at the home.  If the center stone falls out, it’s covered.  If it’s damaged, it’s covered.  Yes, you’ll have to provide photos and an appraisal.  And yes, you may have to update your appraisal every few years.  But that ensures it will stay covered for the appropriate value.  And trust me, you do NOT want to risk your high end watches or jewelry on an underinsured policy.

Speaking of jewelry, have you ever checked out James’ list [now called James Edition]?  It’s like craigslist – basically a classifieds where you can purchase and sell luxury items!  Could this be your new Rolex? http://www.jamesedition.com/watches/rolex/datejust/31mm-for-sale-828494 .

For questions regarding a jewelry rider, contact your insurance agent.

And take a look at the second “Keeping Nashville Covered” home insurance blog post here http://on.trulia.com/1EyFv3r .

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