You’ve probably heard the stories of the wedding ring left in the hotel room after the family vacation, lost in the ocean during the honeymoon, or even falling down the drain while cleaning.
These stories definitely hit you in the gut, but you breathe easier thinking to yourself, “I have homeowners insurance, so I could replace the ring if that happened to me.” Not exactly.
Check Your Coverage
Often, there is no coverage under homeowners policies for specific types of personal property if you misplace or lose them. Why? Because most homeowners insurance lists explicit perils, for example, theft, fire, or smoke, where resulting losses will be covered. Leaving your wedding ring in a hotel room is probably not the result of a peril listed in your policy.
Even if the loss did result from a covered peril, jewelry is typically expensive, and you probably have a coverage limit in your policy. A common $1,000-$2,000 limit on jewelry will not cover the expense of replacing a diamond solitaire.
Not Just Jewelry
Beyond jewelry, many people collect valuable antiques, musical instruments, firearms, equipment related to hobbies like cameras, or family heirlooms that may fall outside your homeowners policy. Replacing these types of valuable items, if they are stolen or disappear, could come out of your own pocket with no help from your insurance company.
Claim Scenario
A current Pearl Insurance policyholder was packing her own groceries in a supermarket and the diamond fell out of her ring. When she got home, she realized it was gone and pieced together what had happened. Luckily, she had the ring scheduled and insured on a Personal Article Floater policy. The diamond was replaced with no deductible paid by the policyholder.
Secure Your Valuables
If you’re suddenly feeling nervous, don’t be. Most insurance companies offer riders, or special coverage called Personal Article Floaters, to protect your special, collectible, or heirloom property. This supplemental protection will cover perils such as theft or mysterious disappearance and will replace your items at cost or at the agreed upon value. Another great advantage to a floater or rider is no deductible! You won’t have any out-of-pocket expenses in the event of a claim.
Prepare for the Unexpected
Whether you are generally an optimist or a pessimist, bad things can happen to all of us. Insurance is protection against these unexpected occurrences, and you don’t want to be caught without it. There is always the risk your home could be broken into while you’re away. Or, your unattended vehicle parked in your driveway or on a public street could be vandalized. It doesn’t take much for a window to be broken and valuables swiped.
Don’t leave your peace of mind to chance and luck. Talk with your insurance provider today and ensure your personal property is adequately covered. Or, give me a call and I would be happy to discuss your current coverage and provide a competitive quote.
James Blundell, Sales Manager, AAI, CPIA
Pearl Insurance
518.640.8140
[email protected]
