Does your homeowner’s insurance policy provide adequate coverage for all your valuables?
Homeowners policies generally have a $1,000 or $1,500 coverage amount for jewelry if the loss is due to theft. Such limits are in place to help keep homeowners’ policies affordable. However, if jewelry valued at $2,000 is stolen from your home and you have a $1,000 policy limit, you can only receive $1,000 from your insurer to replace the missing items. That is when an insurance endorsement (sometimes called a rider) can provide increased coverage for your possessions. For an additional premium, this coverage can help protect you from the loss of high-end valuables such as jewelry, furs, antiques, artwork, and collectibles.
Here are some tips that may help you decide whether you need an insurance rider:
- Read your current insurance policy
- Have your valuables appraised
- Create a home inventory
- Check your neighborhood’s crime rate
- Take stock of your electronic equipment
If you still have questions, let us help you to make the right decision, contact us today.