If you think your homeowners insurance policy covers all your valuables, you’re mistaken. Most policies exclude coverage for certain items or limit it. These limits are put in place to keep homeowners policies affordable.
These limits or exclusions typically apply to high end items that are stolen or damaged, such as jewelry, watches, art, purses, etc. For instance, most policies have a coverage amount of $1,000 or $1,500 for stolen jewelry. Therefore, if you have a piece of jewelry worth $2,000 stolen and your policy limit is $1,000, you’ll only receive that amount from your insurer to replace it.
Luckily for you, there’s an add-on that increases your coverage for valuable items. If you’re unsure if you need extra coverage for your valuables, here’s some tips to make an informed decision.