So you got a new diamond “past present and future” necklace for the holidays this year. Well, it’s beautiful, it really is. How much did it cost to insure it? What do you mean you didn’t insure it?!??!!! You do know it is not just automatically covered on your homeowners insurance policy right?
So often, we hear horror stories from people that have been robbed of thousands of dollars of jewelry, only to find out their only going to get maybe $500 back from their insurance policy. You see, homeowners insurance policies in NY have sub limits on certain insurable items such as money, jewelry, furs, antiques, etc. The reason is that these items are an easy way to “pad” a loss when you have a claim. In the past many people have committed insurance fraud by exaggerating these types of losses.
Today’s home insurance policies require these types of items to be listed or scheduled for their full value. This will cost an additional premium, but dollar for dollar it is still the most efficient and inexpensive way to protect yourself from loss.
When you schedule these items you will be required to submit updated certified appraisals as the values can fluctuate quite a bit too.
Don’t overlook purchasing an in-home safe for your valuables as well. Many insurance companies will give a discount for this as well.
Insurance Is Not Evil 