Dear Friends & Neighbors:
As, I am sure most of you are aware, the Holiday Season is a time for exchanging gifts. Only you know what you spend for them. Sometimes we spend quite a bit. This is just a reminder that your Homeowner’s Insurance policy has many limitations with respect to some of the finer gifts we exchange. Jewelry, Fine Arts, Silverware, photographic equipment, sporting equipment, etc. are some of the items to be concerned about. Most policies have limitations pertaining to the value covered and others have limitations to covered causes of loss. For example, most policies have a limit of either $2,500 or $5,000 per item for Jewelry. Obviously, not enough to cover a $10,000. ring or necklace. Unless scheduled on the policy, a stone falling out of the setting will not be covered under the homeowner’s policy. These do happen. I have paid a number of claims over the years for folks that lost the stone.
Collections (stamps, coins, trains, baseball cards, etc.) also require special treatment if full value is to be paid at the time of a claim.
Engagement Rings given to a, soon to be, family member require special treatment if that person is not a resident of the household.
If you have any questions in this regard, please do not hesitate to contact me.