Homeowners insurance covers many parts of your home. If you experience a tornado, fire or hail, you can expect the insurance company to cover your claim minus your deductible. But what about your personal property?
Most personal property is covered under a blanket limit. There is no need to schedule things like furniture, clothes or personal electronics. However, jewelry is one item you should consider adding special coverage for. If you read through the actual language of a homeowners insurance policy you will see that jewelry is one of the items that has a limit. Typically the insurance company will cover you around $1000 per item (this will depend on the company). If you have jewelry that exceeds this amount you should contact your agent to see how much coverage you have. You can add special coverage to make sure you are covered to the full value of your jewelry.
The average cost of the endorsement is around $10 per thousand per year. So a $10,000 wedding ring will be around $100 per year for coverage. You can start by getting an appraisal of the item(s) and contacting your agent. If you recently purchased the item(s) you may be able to use the sales receipt. As always, it’s a good idea to review your policy with your agent each year or two.