Jewelry and Personal Articles Insurance

Your homeowners insurance provides broad coverage for most things you own. Even if you have a high personal property limit, there are sub-limits within the standard homeowners policy that limits the coverage on certain valuables. Jewelry for example, has a limit of just $1,000. For a small additional premium, you can get an endorsement or rider on your homeowners policy for higher limits. However if you do have a jewelry claim, your homeowner deductible will apply, which is often $1,000 or more. Your homeowners insurance could also be surcharged for having a claim for three years after the loss.

That’s why many wise people will use an inland marine policy to cover certain valuable personal property  such as expensive rings, musical instruments, tools, sporting goods, collectible guns and antiques. Inland marine policies originally were used for goods transported from shipping ports to their final destinations. Today they are commonly used to cover valuable personal articles that are more portable in nature. The premium for a separate inland marine policy is often more but can offer several benefits vs a rider on your homeowners policy:

  1. Usually lower deductibles
  2. Can cover additional perils such as mysterious disappearance
  3. A loss usually won’t trigger a surcharge or loss of a “claims free” discount on your homeowners insurance
  4. Allows for higher limits for your valuables

For a free inland marine policy quote contact Insurance Gurus LLC. We can find affordable Iowa personal property coverage that’s right for your needs.