Are Your Jewelry and Coin Collection Covered by Your Homeowners Insurance Policy? (DFW)

When you chose your homeowners policy, did you remember to consider your jewelry, antiques or coin collections? It can be easy to forget to add items like this when choosing insurance, but if you have a loss of your valuable belongings, you will wish you had taken the time to be certain everything was covered.   Your basic homeowner’s policy provides some coverage for the loss of personal property, but there are limits and deductibles that may leave your jewelry or coin collections unprotected. The limit for jewelry coverage on many homeowner’s policies is often in the range of $1000 to $1500 total coverage. If you have an extensive collection of fine jewelry, or even just a few nice pieces, you may need to consider adding a rider to your policy or even a separate jewelry policy.

Tri-Star Insurance offers these suggestions to make sure your insurance coverage is sufficient for your needs:

•    Begin by carefully reading your homeowners policy. What type of coverage does it offer for loss or theft of items like jewelry or coin collections? Many times a homeowner’s policy will protect your jewelry up to a preset limit of $1000 if that jewelry is stolen, but not if the jewelry is lost or damaged. Talk to your insurance agent to make sure you understand the limits of your policy.

•    You can usually purchase additional coverage for your precious jewelry or coin collection investment. Perhaps you have an assortment of antiques in your home- these may also need additional coverage. Be sure to ask plenty of questions when discussing this coverage with your agent. For example, is there a deductible? How much is it? Different deductible amounts will vary the cost of your premium, so it's worth the time of considering several options.

•    Does the policy protect your valuables from loss or damage? Are repairs covered? Will you get the full replacement cost if your jewelry is lost, stolen or damaged? What about a cash settlement? Must you replace the jewelry or can you take the cash?

•    Many times, you will be required to get an appraisal for your jewels before they can be insured. This is a good idea, even if it isn't required. You should consider having your valuables appraised every few years, especially if it is likely that your property is increasing in value over time. Make sure your agent has a copy of the most current appraisal.

•    It is also wise to take photos of your insurance and provide your agent with a copy of the photos as well. Take several photos of each piece, from different angles, to make identification easier.

•    Along with making sure you have the appropriate amount of insurance coverage for your fine jewelry, take steps to keep it as safe as possible. Keep your jewels in a safe place. You may want to consider a safe deposit box or perhaps a home security system, if you keep your valuables at home.

•    Keep all of your receipts and appraisals in a safe place, especially if the value of your property is increasing.

To make sure you have the appropriate amount of insurance to cover all of your jewels, antiques, coin collections or other valuables, contact Roger Harkins at Tri-Star Insurance today. Visit Tri-Star Insurance on the web at www.tristarins.com or call 214-387-0600 and make sure your precious valuables are protected.