Is standard Personal Property Insurance enough to cover your insured’s jewelry?
Adding jewelry schedules to your client’s personal property policies could make a huge difference in the amount they are able to recover in case of a loss.
In order to properly protect your client’s possessions, it is important to understand what is included in the policies you’re offering. Most homeowners policies more than likely include coverage for the insured’s personal property. However, there may be a set dollar amount that the policy will pay for certain categories of valuables. For example, jewelry.
Let’s say that the limit for jewelry is $1000. If a theft were to occur and the insured’s $4500 diamond ring was stolen, the insured would only receive $1000 to replace the ring if they had not added a jewelry schedule to their policy that covered the full amount of $4500.
In some cases, there is a per loss limit on valuables such as jewelry. So if the theft took place and your insured’s $4500 ring, $2000 bracelet and $3500 necklace were all stolen, the total amount that the insured would recover from that one instance of theft would still be only $1000.
What are jewelry schedules?
Jewelry schedules are a type of endorsement, or addition that can be made to personal property policies that extend coverage specifically for the insured’s high valued jewelry.
What else can scheduled personal property insurance cover?
Some examples of belongings that could be eligible for scheduled personal property coverage are:
- Coin Collections
- Musical Instruments
- Professional Cameras
Ask your clients if they have any valuable property. You won’t know to recommend the coverage if you don’t know if they own any high-dollar valuables! One quick and easy way to learn this type of information about your clients is to prepare a brief questionnaire for them to complete before you start putting together a quote for them. On the questionnaire, you can ask about their valuables and other information pertinent to the type of policy they are interested in.
For more information about jewelry schedules, other types of personal property schedules or any type of personal property coverage, call our Personal Property underwriting department at (678) 498-4540.