This year you’ve decided to buy that desired piece of jewelry for the one you love. Maybe it’s the diamond necklace for your wife, the pearl earrings that will reward your daughter for doing well at university, or even a IWC Aquatimer watch for your son as his new hobby is scuba diving. We’re happy that you have the good fortune to splurge on your family this year, but we also want to protect you.
Are you under the impression that your homeowner’s or renter’s insurance will automatically cover these purchases? If so, you could be shockingly underinsured. Most homeowner’s and renter’s insurance does usually offer full coverage on the theft fine jewelry and watches—but what if your son’s watch falls off during a dive? You can’t blame the fish for theft. What if your wife loses her wedding ring down the drain while cooking a holiday meal? That’s not theft, and it’s probably not covered.
We’re sure that many of you have rushed to review your insurance policy to see why this isn’t covered, but no need—we’ll tell you here. Most of these policies set limits for the loss of certain categories of personal property, including jewelry and watches. Homeowner’s policies usually pay a maximum of $1,000 for jewelry theft. That’s not much, right? (We’re hoping, for your sake, that the diamond necklace you have in mind for your wife costs more than that, or you might be in the doghouse come Christmas morning. We recommend visiting a jewelry store in Fashion Island or South Coast Plaza!)
And if you think that’s bad, most renter’s insurance only covers $500 for theft. And when it comes to lost or damaged items, you might be out of luck altogether on both policies unless you’ve asked and paid for additional insurance for these high-end items.
If you’re with BMR Insurance, we’ve probably already asked you about your high-ticket items and made sure you’re covered. If you’re not with BMR Insurance, give us a call for a free insurance review!
If you want to test your current agent, here’s the questions to ask him or her:
- Can I purchase additional coverage for my family’s jewelry and expensive watches?
- Is there a deductible? If so, how much is it and how does raising or lowering the deductible affect my policy costs?
- Is an appraisal required prior to obtaining insurance? Are there only certain types of appraisers whose reports are accepted?
- Are the items covered no matter where the loss, theft or damage takes place? Would the policy cover me for a loss that occurs during domestic or international travel?
- Are items covered for full replacement cost? Must I replace the item, or can I obtain a cash settlement?
- Does the policy cover repairs to damaged jewelry?
If you don’t get the answers you’re looking for, give BMR Insurance a call and we’ll happily help you out. Oh, and we’d also recommend you insure the scuba equipment your son just bought too…
Call us now on (714) 838-1911, use our website’s free instant messenger or use our online form. When you call BMR Insurance, you always get a real BMR employee, not a call center.