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If your favorite item of jewelry were stolen or lost, do you think your insurance would replace it?

It might - if you've covered it properly on your policy. But jewelry is a specific type of property whose coverage is limited by all basic home insurance.

For example, you might be covered for a maximum of $1,500 or $2,500, and only in case of theft (not loss). Also, your policy's full deductible (of $500, $1,000 or maybe more) may apply to the claim.

If you have valuable jewelry, you need to be extra-careful to make sure you have covered it properly. You should consider the following tips:

1) Make sure you have a written appraisal filed with your insurance company and keep it current. The increase in gold and silver prices in recent years has increased the cost to replace your item. Don't let that increase in value leave you with too little coverage to replace it.

2) Make sure you know which items need to be "scheduled" on your policy. This is simply a list of which items are covered, and for what amount. Sometimes this coverage is called a jewelry "floater."

3) Be sure what causes of loss are covered. If an item just goes missing, some policies will cover it. Others only cover in case of theft, when there's a police report. Just be sure you know how your coverage works.

4) Finally, be certain of what your deductible is. Sometimes you can choose to have a lower (or no) deductible on your scheduled items. It costs more, but if it gives you peace of mind, you should consider it.

As always, we're here to help you with any jewelry, home insurance, or any insurance questions that you have!

Posted 10:21 AM  View Comments

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