Home Insurance Near Me Provides Coverage For Valuable Items

Jewelry, fine arts, musical instruments, antiques, computers, and iPads, are all expensive items which need to be insured by every homeowner. Top of these items is ‘jewelry.’ A standard homeowners policy in Florida provides coverage for valuable items, but there are special limits for coverage on jewelry to keep premiums at a reasonable price. What if I own expensive jewelry? Will home insurance near me cover my expensive jewelry under the standard policy? The answer is ‘No.” There is a separate coverage for high-value items. These expensive items are covered by ‘High-value Insurance policy.” Your coverage under the standard homeowner’s policy is limited by:

  • Exclusions mentioned under the policy
  • The cost of the jewelry
  • Requirements to use jewelry

Which Coverage Option Is Better? Replacement or Actual cash value?

Jewelry is a unique case and doesn’t depreciate the same way other items or a house or car does. Nor its value falls down (no depreciation). Before you insure your personal jewelry, do understand the difference between Replacement Cost and ACV coverage. According to the III, ACV pays damages equal to replacement cash value of the item minus depreciation. On the contrast, replacement value pays cash needed to replace the damaged item without deducting depreciation expense, but is limited by the amount shown on the policy’s page.

With replacement cost, you’re tension free because there is no guess work. Whereas, actual cash value has many gray areas and you may need to pay extra out-of-pocket expenses after filing an insurance claim.

Read: What Is Replacement Cost And How Does It Differ From Actual Cash Value

Keep records

No matter what type of policy you have, keep records of your personal property along with the original receipts in case something were to happen.

Never assume

If you’re confused about your jewelry coverage limit, call your provider and ask for the coverage details. Remember, insurance isn’t about assuming. Whatever is written in your policy, you have to abide by the clauses.

Finding Best Home Insurance Near Me For My Jewelry Coverage

If you have Diverse Insurance Group-the leading agency in the state of Florida, you don’t need to roam here and there. Our standard policy provides coverage for your personal items, whereas, high-value insurance is for expensive items because your jewelry deserves the best protection. If interested to become part of our family, do visit www.insureFloridans.com.