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Rockland County Insurance: Jewelry and Homeowners Insurance

By
Services for Real Estate Pros with BHG Rand Realty

If you look at your homeowners insurance policy, you may see that your contents coverage, all your personal belongings, are covered for approximately 70-75 percent of your dwelling limits.  While 150,000 may be plenty, most people fail to realize there is a cap on jewelry.  Jewelry is usually capped on a standard homeowners insurance policy at $1,000.

 If you have engagement rings, wedding rings or any other piece of jewelry valued over 1000 dollars you may want to contact your insurance broker for additional coverage.  You may be required to obtain an appraisal for the specified items.  It is also a good idea to have the jewelry re-appraised every 5-7 years to make sure you have it insured for an accurate value.

 Here are some other items you may want to discuss with your insurance broker as there could be internal limits built into your homeowners insurance.

  •  Furs
  •  cameras
  •  silverware
  •  cash
  •  business property
  •  firearms
  •  comic books

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Michael Truiano  
Allstate Insurance Company
39 Maple Avenue
New City, NY 10956  
Email:  mtruiano@allstate.com

Comments (5)

Terri Habecker
AIG, Allied, Fireman's Fund, CNA, Travelers,The Hartford, Pr - Dana Point, CA
Life Matters & So Does Your Insurance Co

Michael,

I had a decent sized Vintage Barbie doll collection when it was hot and I covered the collection after I read a few horror stories of collectors who lost their collecions with Smoke, Fire and even Flood!

I always offer additional insurance and amazed at how few people take advantage of the extra coverages available.

I had an insured that did not want to get their Collectable Auto appraised because of the hassle and expense of the appraisal and was luckily able to get around it by producing a value based on information from NADA.com

Good Information!

Nov 09, 2007 01:43 AM
Michael Truiano
BHG Rand Realty - Nanuet, NY

hi terri-  i find most people dont go with the extras, jewelry being the exception.  My position is it is my job to make you AWARE of everything that is available.  It is then up to you to decide if you want it. 

 Do you have access to Hagerty Insurance for classic cars?  its a very simple process, at-least in NY.  The client states the value they wish to insure the vehicle for and then submits pictures.

Nov 09, 2007 02:13 AM
Terri Habecker
AIG, Allied, Fireman's Fund, CNA, Travelers,The Hartford, Pr - Dana Point, CA
Life Matters & So Does Your Insurance Co

Michael, We cover Collectible Auto with Farmers and Foremost. I submit photos and receipts for additional work along with the NADA printout, right into our image system. Easy and the best part, the client doesn't have to do anything. 

I do agree that it is a very important factor to have complete coverage. Did you see the news coverage on the "Princess of Malibu" ?(nicknamed by locals)  She is a philanthropist and just lost her 17Mil. Dollar home in the Ca. Wildfires. She had a million dollar purse collection, Faberge eggs, Crystal Chandeliers, just to name a few items. Many items saved were some fine art and Elvis Presley's Army Jacket. They had video coverage of her home at a fund-raising event held just a week prior to the fire. The comment she made to the news media brings your point home. No one was hurt, she will re-build and she had it all insured!!!!

Nov 09, 2007 03:14 AM
Seth Callen
Farmers Insurance - Lawton, OK
Absolutely.   As agents, we have to bring up the issue of the limits that the standard policies have on jewelry, etc. and make sure that there is not a gap in coverage.  I'm waiting for an appraisal right now so I can put a floater on a homeowners to cover a $12k ring. 
Nov 13, 2007 02:04 AM
Anonymous
Loanemu

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May 17, 2015 07:03 AM
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