logo

Jewelry, Watches & Collectibles – Are they covered under home insurance?

tony • October 12, 2018

Does my home insurance cover collectibles?

A standard primary residence home insurance policy will generally provide personal property coverage in an amount equal to 25-50% of your dwelling coverage.  So if you’re insuring a $200,000 home, you typically have anywhere from $50,000 – $100,000 in coverage for your personal belongings.  This coverage is intended to get you back on your feet in the event of a significant claim.  It typically covers things like furniture, beds, clothing, pots and pans etc.

But what if you have sports memorabilia, jewelry, watches, art or other collectibles – will your policy cover these items? 

The answer is generally yes – but not to the extent that you’d expect.

Homeowners insurance is intended to get you back on your feet after a claim –  it’s not intended to cover high ticket items.  In fact, most primary residence home insurance policies have special sub-limits when it comes to these types of items.  And the coverage is extraordinarily limited.  The coverage typically maxes out coverage to no more than $1500 or so per item and no more $1500 or so in total coverage.  So it could be one item covered for $1500 or 5 items covered at $500 each….or any variation thereof.  But my point here is this – it’s not a lot of coverage.

So what should you do if you have high ticket items?

You’ll either need to schedule these items on your home insurance policy or purchase a separate policy that is meant to cover high ticket items.  Depending on the items you’re looking to insure, you may need to have them appraised or provide receipts.

If you purchase a separate policy – it typically comes with no deductible or a very low deductible.  It also will provide worldwide coverage and will typically provide more extensive coverage than a home insurance policy.  The premium is typically 1-2% of the total value of the items you’re looking to insure.  This depends, of course, on the item, its use and its location.  So if you’re looking to insure $20,000 of collectibles – you’d be looking at roughly $200-$400 per year in additional premium.

If you have high ticket items in your house, don’t just assume they’re covered – call your insurance company or your agent to inquire.

Want a home insurance quote from a local agent in Melbourne, FL?  Click Here to get started!

Want more tips like this?

Did you know we’re building amazing technology that will simplify insurance shopping?  Want to learn more –  Click Here and let us know!

Join the Chrinco.com community and follow us as we not only provide insurance tips to consumers but are also developing a new way to shop for insurance. Join the journey that we believe will change an industry.

Chrinco.com – Insurance Simplified.

A hand is pressing a button on a security system.

How do alarms affect insurance?

February 21, 2022
If you’re thinking about getting an alarm on your home here’s what you need to know about the discounts.
A woman is using a calculator in front of a laptop computer.

Are you underinsured on your home?

By tony • February 17, 2022
It’s no secret that things are getting more and more expensive. From food prices to energy prices, it seems like all corners of the economy are being affected. We’re seeing supply chain issues, raw material shortages and labor supply issues all putting inflationary pressures on most consumables. And one area we’re seeing significant increases is in the cost to build a home.
A house that has been upside down in the sand

Home Insurance Claim Denial?

By tony • February 10, 2022
Today we’re discussing one of the most common reasons for a home insurance claim denial but before we get there, let’s briefly discuss what a home insurance policy is and what it is not.
A person is holding a hat out of the window of a car.

Auto insurance rate increases in 2022? 

By tony • January 30, 2022
Recently we had a customer call in to let us know that he had sold one of his cars and that he would like the vehicle removed from his policy. While talking to the customer he mentioned that he sold the vehicle for $4,000 more than what he paid for it. While that is great news for him it underscores a potential issue in the auto insurance marketplace that we expect will trickle down to you, the consumer, later this year.
A green paid stamp on a white background

Mortgage company didn’t pay insurance?

By tony • January 8, 2022
If you have a mortgage with an escrow account, you have likely or will likely experience a time when your home insurance fails to get paid by your mortgage servicer before its expiration. This can be a terribly frustrating time for you. But if you live in Florida, just know that the state of Florida has your back.
An aerial view of a flooded city

What happened to flood insurance?

By tony • November 19, 2021
Recently, FEMA rolled out Risk Rating 2.0 and the rollout has been quite shocking for many Florida residents. Risk Rating 2.0 is a methodology used to accurately charge for flood insurance based upon a property’s own unique flood risks. Prior to Risk Rating 2.0 flood insurance rates were largely determined by what flood zone a property was located in.
A man is laying on the ground working on a car in a garage.

How is COVID affecting car insurance?

By tony • November 6, 2021
It’s no secret that COVID has changed the way many companies are doing business in the United States and the same is true for auto insurance carriers as well. With all the supply chain issues and manufacturing shortages, we’re not only seeing the price of new and used automobiles increase in value, which is increasing the cost to insure, but more importantly we’re seeing vehicles take longer and longer to get repaired after a covered claim. In fact, we’ve seen completely repaired vehicles sit for months waiting for a chip. We’ve seen parts that used to take days to come in, take months. We’ve seen some parts come in and have to sit for weeks while other parts make their way to the repair facility.
A house with solar panels on the roof and a pool

Want to go solar? 

By tony • July 22, 2021
Recently, we have received a number of calls from customers inquiring as to whether the installation of solar panels will affect their home insurance.
A living room with a staircase leading up to the second floor.

What is an HO6 policy?

By tony • November 12, 2020
When buying a condo, part of your association dues goes towards a master condo insurance policy purchased by the condo association. This policy insures the condo building for covered losses. An HO6 policy picks up where the master policy ends and pays for the internal structures to your particular condo unit.
Lightning strikes in the night sky over a city

Does home insurance cover lightning strikes?

By tony • October 28, 2020
Florida is considered the lightning capital of the US with 17 of the top 30 cities nationwide for lightning. Strikes. As such, the question we commonly get asked is “does home insurance cover lightning strikes?”
More Posts
Share by: