Happy Valentine’s Day! Now that the day of love has passed and many of you are celebrating with sparkling pieces of jewelry or other beautiful gifts, you may not be considering insurance on these items.
The reality is that most insurance policies have strict limits on the amount of coverage for items like jewelry, artwork, wine, etc. unless you specifically schedule those items on your homeowners or renter’s policy. This protection covers the items if it is transported from one location to another. Scheduling these items or obtaining a separate personal inland marine policy (PLIM), also known as a personal articles floater, can protect those items that mean the most.
Scheduling can cover items such as:
- Fine Art
- Musical Instruments
- Stamp Collections
- Coin Collections
- Golf Equipment
- Computers and related equipment
The common theme among these items is that they are valuable, portable, and are usually subject to limited coverage on a homeowners or renter’s policy, especially if the property is brought outside the country.
Scheduling valuable items covers them for additional risks such as accidental loss and places a specific value on the item that you provide via receipt, appraisal, etc. The biggest benefit is that a scheduled item is not subject to the policy deductible. Meaning, if you lose your $5,000 engagement ring down the drain, your policy would cover your for that amount rather than considering a $500, $1000, or $2,500 property deductible.
You may be wondering how much will this cost me? The great news, most jewelry riders or PLIM policies cost the same per year as that Valentines Dinner you had. Of course, the more valuable the item, the more it will cost but they average $150-$200 per year.
While nothing can replace the sentimental value of your most prized possessions, it can make you whole again. Call LH Brenner today to speak to our experts about protecting that beautiful necklace or new ring for your sweetie!