To find out whether renters insurance in Alexandria is going to cover jewelry, we have to look at a few questions:
If the jewelry is under $1,000 of value, the answer is yes. You’re covered for that jewelry under the policy with no further action required from you. It is, of course, an excellent idea to have supporting documentation such as receipts, appraisals, and pictures as a best practice, but the coverage is there under the policy.
If the jewelry is over $1,000 of value, you’ll want to take some additional actions, more than likely. The loss scenario here is important. You’ll find that coverage for loss by theft is excluded for jewelry above $1,000 in value. Other perils are not subject to this limitation, but loss by theft is the most common reason that people try to file a jewelry claim on their Alexandria, VA Renters Insurance.
There’s another advantage to scheduling the jewelry properly on your policy. Whether you choose a valuable items endorsement or a personal articles floater policy, you’ll generally get open perils coverage. This means that the jewelry is covered against risk of direct physical loss or damage, regardless of cause, subject to the exclusions in the endorsement or floater policy.
Those exclusions are things like war and nuclear devices, so they’re often not significant risks for many people. Open perils coverage gives you much more broad coverage for the jewelry, and the endorsements are quite affordable. Generally, whether you endorse or get a floater policy, you’ll find that the coverage costs about a dollar per month, per thousand dollars of value being insured. A $10,000 ring could be covered for somewhere between $10 and $15 per month, in most cases.
So what’s the difference between the valuable items endorsement (AKA “rider”) and the personal articles floater policy? The valuable items endorsement does not increase the total amount of your personal property coverage. If you have $15,000 of personal property and suffer a loss that includes the $10,000 jewelry, that leaves only $5.000 for the rest of your property! You’re also limited in the amount of coverage that can be added through the valuable items rider.
A personal articles floater policy, on the other hand, is separate from your renters policy, though generally discounted because you have the Alexandria Renters Insurance. That means that the limits are separate as well. You can purchase as much coverage as you need, and it doesn’t impact the amount of coverage available on the underlying renters insurance policy.
If you need higher limits of coverage, or if you want a low amount of personal property coverage on your renters policy, or even if you just like to have the ring insured separately under an open perils form, the personal articles floater is the way to go. On the other hand, the valuable items endorsement has its place as well.
The best way to figure out how you can meet your coverage needs is to work with a renters insurance expert at Effective Coverage. It’s easy, too. Just call (800)892-4308 or click to get covered - whether you need Alexandria renters insurance quotes online or coverage anywhere else!
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