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That's right! Most home insurance policies have a limitation as to how much is paid out if your engagement ring is stolen. The limitation is usually $1,000 if stolen. It's not covered if the item is lost or misplaced. In addition, the loss is subject to your home insurance deductible, so you may end up with nothing in the end.
Protect yourself by adding a scheduled jewelry floater to your home insurance policy. By scheduling your piece of jewelry, your policy will now cover a lost diamond from a ring, or if your ring is lost while traveling. In order to schedule a piece of jewelry, you must supply an appraisal or recent documentation that proves the value. Scheduling your jewelry gives you broader coverage and it protects your precious jewelry.
Below is an example of the cost per year to insure an engagement ring worth $5,000. Although a deductible exists, it's still lower than a home insurance deductible and it will still covered lost or misplaced jewelry.
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COVERAGE TYPE |
SCHEDULED JEWELRY | |
Jewelry Coverage Limit |
$5,000 |
$5,000 |
$5,000 | |
Deductible |
$100 |
$250 |
$500 | |
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Cost per year |
$138.90 |
$131.22 |
$115.50 | |
Monthly Breakdown |
$11.56 |
$10.94 |
$9.63
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*Rates are for L.A. county
Call me today at (818) 687-4148 or email me to discuss your current insurance policy to be sure it offers you the level of coverage you want.
Norma Olivares
Farmers Insurance Agent
9430 Topanga Canyon Blvd Ste 204
CHATSWORTH, CA 91311-5700
License # 0G79227
818-687-4148 (Office)
818-727-1827 (Fax)
nolivares@farmersagent.com
http://www.farmersagent.com/nolivares
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