One of the most common questions we receive at Sungate Insurance Agency is whether engagement rings, wedding bands, and other high-priced jewelry items are covered under a standard homeowner’s insurance policy. Yet no matter how many times we are asked this same question, we continue to welcome it, because our goal is to ensure that your personal property is protected with the appropriate insurance.
So, what’s the answer? Unfortunately, it’s not as simple as Yes or No.
Most basic homeowner’s insurance policies offer limited coverage for movable personal property, but the key word here is “limited”. Most policies will cover personal property up to a certain amount—usually around $1,000 per item—in the case of theft, loss, or damage. Moreover, most policies usually contain a maximum coverage amount for all items combined. Finally, personal property coverage usually kicks in only after you have paid a deductible. In other words, if you are relying on your basic homeowner’s insurance to cover all of your personal property, you will most likely find that your policy falls far short of total replacement value.
To ensure full coverage for jewelry and other movable personal property, we recommend adding one or more “floaters” or “riders” to your policy for each and every piece of personal property you want to insure. This additional coverage can be easily added to most homeowner’s insurance policies to protect property that may be excluded from coverage, or the replacement value of which would exceed the specific protections in the basic policy. While adding a floater or riders to your policy will increase the cost of your insurance plan, it’s surprising inexpensive and usually does not involve an additional deductible.
What Types of Personal Property Can a Floater or Rider Cover?
A floater or rider can cover any piece of high value personal property such as:
- Engagement rings
- Wedding bands/rings
- Expensive electronics such as high-end camera equipment, stereo equipment, specialty computers, etc.
- Musical instruments
- Fine art
- Collectibles such as stamps, coins, etc.
How Do I Add a Floater or Rider to My Homeowner’s Policy?
Adding a floater or rider to your homeowner’s insurance policy is easy and inexpensive, and will give you peace of mind knowing that your valuables are fully protected against theft, loss, or damage. We recommend contacting one of our policy experts here at Sungate Insurance Agency to discuss exactly what types of property you have that you believe requires additional coverage. Once we understand the type of property you are seeking to protect, we can recommend the additional levels of coverage that are right for you.
In addition to speaking with our insurance experts about appropriate coverage, we also recommend getting all of your valuables professionally appraised. Most insurance companies will require that they have a copy of a professional appraisal or a recent receipt of purchase on file for each item to be covered by a rider or a floater. This will ensure that each item is covered for its full value.
Contact Sungate Insurance Agency and speak with one of our insurance experts to ensure that all of your valuables are fully protected!
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