Forward Bank

Fall is upon us and before we know it the holiday season will be here. Oftentimes during the holiday season people buy jewelry to give as gifts. A common question you may have is, “How do I insure my jewelry items?”

There are a few different options available for coverage of jewelry items. Jewelry can be insured under the personal property coverage of your homeowners, mobile homeowners or farm policy. Depending on your need, the coverage can be increased to cover the additional amounts of personal property.

Another option is to schedule the jewelry using a personal inland marine policy/endorsement. Coverage is provided on an “all-risk” basis – meaning everything is covered unless specifically excluded in the policy form.

When adding jewelry items on a personal inland marine policy/endorsement, there are two options to consider:

• Scheduled Jewelry: This option requires a detailed description of the individual item to be covered and its value. An appraisal may be required, depending on the item’s value.
• Jewelry Blanket: This option is a convenient way to cover all of your jewelry items that are lower in value individually, but together could represent a significant loss. A detailed schedule of items to be covered may not be required; however, the insurance company may ask for an overall idea of what the items are.

The availability of coverage varies by state. Meet with an insurance agent for more details and review of your unique situation.