Bobbles Bangles Bells and Your Jewelry
Many folks are confused
How much coverage do I have for my jewelry?
This question is a very common, and the simple answer is “it depends on how the loss occurred.” Under Coverage Part “C” of your “Standard” Homeowners policy known as the “HO3” will protect your jewelry for all causes of loss except THEFT. Up to the limit of the coverage “C” which is 50% of your dwelling coverage.
Let ‘s assume your dwelling is covered under Part “an” is $300,000. Then the “Standard” Homeowners policy then you will provide you with a bag of money with a value of $150,000 for all of your personal property. That is all of your stuff. Furniture, TVs, clothes; everything that is not glued and screwed to the dwelling itself.
Florida insureds take note; it is important to understand the Citizens Insurance only offers 25% of dwelling, when taken out please take the time to talk with an agent and review your coverage.
Should you have a fire and a $9,000 necklace is destroyed then you can include the necklace within your Coverage “C” bag of money up to the $150,000 limit. However, should the $9,000 be stolen then your loss would be subject to a sub-limit of $1,500 for ALL JEWELRY.
Fortunately, there is an insurance product to cover this gap, the PAF or Personal Article Floater. A separate policy but for many companies incorporated in the base Homeowners policy, you essentially remove your items out of your coverage “C” and insure them on the PAF.
Most PAF policies require a current appraisal and the item or items are insured up to the appraised value. Next Month we will tell you more about the PAFs but should you have questions now, call us at 800 604 7249