What’s the point of having nice things if you have to worry about losing them?
Protect the worth of your jewelry and other cherished items by adding an Inland Marine policy also known as scheduled personal property.
Protect the things that matter to you
Look around your house. What are the items that are most precious to you? Your homeowners insurance generally covers the contents of your home. However, there are specified limits on certain items such as jewelry, paintings, antiques, collections, musical instruments and silverware. For broader protection of your most valuable items you may want to purchase an Inland Marine policy also known as scheduled personal property. You can do this by making a list of your cherished possessions that may need more coverage than your current policy provides.
What if something bad happens
The reason you want to schedule valuable items is with an Inland Marine policy the coverage is “all risk” meaning anything that happens to the item you are covered. If there is damage to your covered items or if they are stolen, you can be confident knowing you are fully covered. And more good news, there is no deductible with this insurance.
Even if you just lose the item. We recently had a client who was at the beach and stuck her hand in the sand. When she pulled her hand out, her engagement ring was gone. She and her husband searched for hours, even using a metal detector to aid in the search but they were unsuccessful. Thankfully, her husband had purchased jewelry insurance, insuring the ring for $20,000 and it was fully covered.
In this example, if the insured only had Homeowners insurance they would not have any coverage. Homeowners insurance covers your personal property for “named perils” such as Fire, Theft, Lightning, Water Damage ect..but losing an item is not covered.
Coverage that fits your needs
A scheduled personal property endorsement is tailored to meet your specific needs. The name of this insurance may not exactly roll off your tongue, but knowing it’s in place can certainly help you sleep better at night.
Contact The Andrew Agency
For more information or a quote on jewelry insurance, Fine Arts or other collectibles contact The Andrew Agency at (804) 320-2886.