Is My Jewelry Covered Under My MA Home Policy?

Getting a homeowners insurance policy is something that all responsible Massachusetts homeowners need to do. If you’re like most people out there, your home is going to be the most expensive asset that you own, and you’ll need to take measures to protect what you have invested in it. But did you know that most homeowner policies only cover lost or stolen items up to $1,000? That is why it is important to add a rider of scheduled personal property added to your Massachusetts homeowner’s policy.  

In the insurance world, a rider is a name for additional coverage that is not included in your standard homeowner’s insurance coverage. If your valuable items are not added to a rider then you will only receive the cash value from your insurance company, as opposed to full replacement value of those items. Scheduled personal property coverage should be added to your homeowners or renters insurance if you have any relatively valuable items in your home such as wedding rings, bracelets, watches, precious stones, cameras, silverware, fine art, antique books, extensive collections, golf equipment, power tools and electronics.

You have a home office. If you have a home office that includes a great deal of equipment or furniture, you should consider a rider.

You have a substantial investment in jewelry. Sometimes, your coverage may have a limit on what it will pay out for jewelry. Whether it’s an engagement ring, an expensive watch, or a family heirloom, if you have jewelry valued at more than a couple thousand dollars, you’ll want to talk to your Massachusetts homeowner’s insurance agent about a jewelry rider.

You own art, antiques or collectibles. Usually, there is a limit to the coverage on these items that is somewhere between 50 and 75 percent of the value of the homeowners policy. If you’ve got a valuable collection of baseball cards or the first issue of Spider Man, however, you may want to consider a rider. The same goes for fine art or other collectibles.

No one can ever anticipate when they’re going to have a loss, but when that loss does occur, you want to make sure your homeowners insurance is up to date. If you’re unsure about whether you need certain riders or endorsements, call us today at 877.550.0025. Vargas & Vargas Insurance  is committed to helping you find the right coverage for your needs.

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