The holiday season is usually a time of celebration; gifts are shared and time is spent with our loved ones. We spare no expense when it comes to the most important people in our lives. Often times this means a beautiful gift of jewelry to your significant other, or beloved family member. This show of affection will be cherished for many years and ought to be protected. While protection can be included in a standard homeowners policy, it is generally minimal in the case of theft of jewelry, about $1,500. If you or your loved one's own jewelry of more significant value you may not be protected if a theft where to occur.
However, there are two ways our office is able to help protect these valuables:
"Raise the limit of the liability. This is the less expensive option; however, the amounts are still limited for both individual pieces and overall losses. For example, limit to a claim for the loss of an individual piece could be $2,000, with the overall limit at $5,000.
Purchase a floater policy and “schedule” your individual valuables. While more costly, this option offers the broadest protection for valuables. Floaters cover losses of any type, including those your homeowners insurance policy will not cover, such as accidental losses—say, dropping your ring down the kitchen sink drain or leaving an expensive watch in a hotel room. Before purchasing a floater, the items covered must be professionally appraised; you can ask your insurance professional to recommend a reputable appraisal firm."
Information provided by the Insurance Information Institute https://www.iii.org/article/floaters-and-endorsements-special-coverage-valuables