Insuring Jewelry, Guns & Special Collections

Written by on 12/28/2011 6:05 AM in , , . It has 2 Comments.

During the season of gift giving many people unwrap jewelry, paintings, guns and other collectibles; but are these items covered by your homeowner's insurance?

As insurance experts, the risk managers at Holt Proctor McBriarty Insurance Agency in Milford NH would like to shed some light on the gray areas of insuring higher-value items or special collections.

The short answer to the above question is yes.  Most property you own in your home personally would be covered under a homeowner's policy, but there are certain types of property that have specified limits.  These limits depend on the carrier and any endorsements you may have on your policy, but generally speaking the limits are as follows:

  • $1000 for loss by theft for jewelry, watches, furs, precious and semi-precious stones.
  • $2000 for loss by theft of firearms.
  • $2500 for loss by theft of silverware, silver-plated ware, goldware and pewter-ware. This includes flatware, hollow-ware, tea sets, trays and trophies made of or including silver, gold or pewter.

You may notice that the limitation only applies to theft and only for certain items, so why bother worrying about insuring your special items?  There are several important reasons why you should consider listing higher-valued items on your policy, which is known as scheduling or valuable items coverage:

  • Most personal property is insured for only certain types of losses like fire, theft, wind, etc.  The most common claim we see for jewelry at Holt Proctor McBriarty Insurance Agency is the loss of a stone from a ring.  Jewelry that is scheduled is covered for almost anything that could happen to it including a stone falling out.
  • There is no deductible for a scheduled item.
  • The specifics of a scheduled item is on record BEFORE a claim happens.  This is extremely helpful because if a claim occurs, you would be required to provide the company with the details of every item involved in a loss.  If you have a special painting that is destroyed in a fire, could you provide all the details necessary to get a fair settlement?
  • Scheduling is not limited to jewelry, as many companies offer schedules for golf clubs, musical instruments, cameras, bikes, doll-collections, model trains, stamp collections, etc.
  • Scheduling is less expensive that you may think.

Now that you are convinced that you need a schedule- what do you do next?  You can see a sample of what an insurance company like Travelers offers or contact Holt Proctor McBriarty Insurance Agency in New Hampshire or your insurance professional to find out how to best proceed.

Many companies offer several options that will best fit your needs. Find out what is best for you and buy yourself some peace-of-mind.


Comments

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  1. Trackback from Insurance Protection Blog

    Maybe you think you can't afford it.  Maybe you think you really don't own much worth insuring.  No matter what you think before a claim, you will definitely think differently after a claim. What would you do if you only had the clothes ...
    Reply 1/13/2012 8:37 AM
  2. This is a great deal of information regarding the premiums that we can get from the insurance policies of our jewelry and other priceless collections. These facts are helpful to those holders of jewelry insurance policies. Thanks for sharing.
    Reply 6/7/2012 10:25 PM

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