A homeowners’ insurance policy is the best way to protect your home and personal belongings from loss. Losses can arise from natural or manmade disasters and other catastrophic events. If a particular event is covered in your homeowners’ policy, the insurance company assumes the financial burden of paying for the losses arising from the occurrence of the said event. But what exactly does a homeowner’s insurance policy cover?
Well, coverage specifics vary from one policy to another. However, a typical homeowners’ policy covers the structure, personal belongings, and temporary accommodation as the repairs go on. Jewelry and other items of value are also covered under personal belongings, but the coverage is subject to several stipulations and limitations. If you are in Santa Monica, CA, Express Financial & Insurance Services can help you get sufficient coverage for these high-value items.
When Homeowners’ Insurance Covers Damaged or Lost Jewelry
Jewelry is covered when its damaged or lost due to a listed peril such as fire or theft. For instance, if a fire in your house damages your jewelry collection, your home insurance policy will pay for the damage, but only up to the coverage limit specified in your policy. If burglars break into your house and manage to steal your jewelry, the policy will cover part of its value, but again, to the maximum limits defined by your policy.
However, you can increase the coverage on your jewelry by purchasing additional scheduled personal property coverage, also known as floater or endorsement. Floaters or endorsements will increase your coverage limits and add an extra layer of protection for your jewelry. If you are looking for additional coverage for your jewelry in Santa Monica, CA, Express Financial & Insurance Services can sort you out. Get sufficient coverage for your jewelry and avoid major losses in case of theft, fire, or any other event that may lead to the loss of these precious items.