In Minnesota, did you know you probably only have about $2,000 of jewerlry coverage on your home insurance policy? That is the industry standard - no matter what company you are insured with. The main thing that covers you for is theft of jewelry, plus the loss would be subject to your deductible (probably $1,000). Not good coverage.
A rule of thumb we use is if you have an item valued $1,000 or more - or your total collection is valued over $2,000 is to schedule each jewelry item. Scheduling means that each item would be specifically listed on your policy and have a value assigned to each item.
Benefits of scheduling your jewerly:
- You get better coverage. Mysterious disappearance (you lost it) is now covered.
- There is ZERO deductible if you have a claim.
- Feel at ease that family jewelry or special jewelry will be replaced with like kind and quality.
How do you schedule jewelry with Lakeside?
- Find the jewelry appraisal. If you don't have one or it's over 5 years old you may need to get a new appraisal done depending on the insurance company requirements.
- Fax or email the appraisal to our office and we will add it to your policy.
- Depending on your situation and insurance company, we may add the jewelry to your home policy or obtain a separate insurance policy for your jewelry.
How much does it cost?
- It will cost you about $1 per $100 of value. This would be an annualized premium. i.e. a $10,000 engagement ring would cost $100 per year to insure.