Separate coverage for jewelry or other valuables?

A typical home owners insurance policy provides coverage for jewelry or other valuable items like watches and furs. This type of possessions is covered for all risks included in your home owners insurance policy.

But in most cases there's a limit of liability set by the insurance company on such items. For example a typical insurance policy has a limit for theft of about $1,500. This is because jewelry and other valuable items can easily be stolen and covering their value is too expensive for the insurers. Compare the likelihood of a natural disaster and jewelry theft and you'll get the idea.

In case you want to have more coverage on your valuables you have two options. The first one is extending your basic home owners insurance coverage to the amount you need. This is a less costly method but it still has its maximum limits of coverage. If you consider them too low, you may wish to go with a «floater» - an additional policy providing extended coverage against additional types of risks. This option is more expensive, and it is recommended that you first evaluate the items you want to cover using a professional.

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