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March 13th....Recognized as National Jewel Day.

Will you receive jewelry today?  Who knows?  But one thing we can be sure stores love today.  Jewel Day is your chance to give or receive jewelry.  But is it properly insured? 

A standard homeowners policy includes limited coverage for jewelry items such as watches and rings.  These items are covered for losses caused by all the perils included in your homeowners policy such as fire, windstorm, theft and vandalism.

However, your homeowers insurance carrier may have a specified limit of coverage for a covered loss.  One important limit in most homeowners insurance policies is for the theft of jewelry.  They place this limit in order to keep coverage affordable because jewelry can be stolen very easily.  Generally, the limit for theft of jewelry under a standard policy is around $1,500.

Dependant on the carrier you may be able in increase the limit under the standard policy.  By doing this, you will still be limited to the covered perils on the policy.  However, by scheduling each piece you will have broader protection.  Scheduling may cost more in premiums, but with the broader protection you will now have coverage for accidental losses.  For instance, if you were to drop your ring down the drain of the sink, your standard homeowners policy would not cover this.  By scheduling the ring you would have coverage under accidental loss.  In order to place a value on the scheduled piece of jewelry, it must be professionally appraised or have a recent receipt.

We here at Tom Jones Insurance can answer your questions about properly insuring your jewelry and Ohio Home Insurance.  Call us at 740-467-2040 for more information.

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