You’ve always enjoyed the finer things in life, and that includes good jewelry. Maybe you have an extensive collection of antique brooches or Taxco silver, or perhaps you have your grandmother’s Mikimoto pearls and a Cartier watch that you love. Either way, you know that what you have is valuable.
Unfortunately, your homeowners insurance may not see your collection the same way.
Have you checked your policy or asked your insurance agent what’s covered?
Too many homeowners assume that their jewelry is fully covered from theft or loss in a fire or other disaster, only to find out later that their policies only cover a mere $1,000 or $2,000 in losses. In addition, your policy may not cover certain kinds of losses, like when your diamond earring slips down the shower drain and is lost forever or you accidently leave your wedding ring behind on the sink after washing your hands in a public restroom.
The solution is often to add a rider (also called an “endorsement” or “floater”) to your policy — just in case. You may need to have your protected items appraised to gain such coverage, however. Even then, you may only gain coverage for certain events (so review such riders carefully).
Another option is to buy an independent policy for your jewelry. This is particularly useful if you have a unique collection or a few very high-value pieces, like a multi-carat diamond engagement ring or earrings. These policies often offer broader coverage for losses and may even cover accidental damage to the piece, as well.
What if your insurer won’t honor your claim for lost, stolen or damaged jewelry?
Some insurance companies will gladly offer you a rider or a policy for your jewelry, but they’re not always eager to pay up. They may even suspect that you’ve hidden or sold the jewelry and are making a false claim.
When a dispute with your insurer develops, it’s wise to turn to a professional for help. An attorney here in Miami can help you assert your rights and get what you are due.